The licenses span a total area of around 16,000 sq km (6,177 sq mi) in the largely unexplored Sandino basin. Statoil will have 85% equity, with the remainder held by state-owned Empresa Nicaraguense del Petroleo (Petronic).
Nick Maden, senior vice president for Statoil's exploration activities in the Western Hemisphere, said the award was in line with the company’s exploration strategy of gaining access at scale. “This is a long-term opportunity with high subsurface uncertainty, but with impact potential.”
Initial work commitments during the first two-and-a-half-year exploration phase include re-processing of 2D seismic, acquisition of new 2D data and G&G studies.