San Francisco: Norwegian oil producer Statoil announced on Friday it has been awarded four licences offshore the Nicaragua Pacific in the Sandino Basin.
It will be the first time Statoil, a well-established multinational, has operated in the Central American country’s waters. The shores are virtually untested and offer Statoil the chance for long term exploration and extraction.
As the main operator, Statoil will have 85 percent equity with Nicaraguan partner Empresa Nicaraguense del Petroleo (Petronic) holding the remaining equity.
The first exploration phase, over two-and-a-half years, will include reprocessing of 2D seismic data, acquisition of new 2D seismic data and geology and geophysics (G&G) studies.
Stavanger-based Statoil is a fully integrated petroleum company with operations in 36 countries.