Statoil awarded licenses offshore Nicaragua

Statoil has been awarded four licenses offshore the Nicaraguan Pacific. The licenses cover an area of about 16,000 square kilometers in the Sandino Basin. Statoil will be the operator, holding 85% equity, with the Empresa Nicaraguense del Petroleo (Petronic) participating with the remaining equity.

The license awards represent a country entry for Statoil into Nicaragua. Statoil enters in an early exploration phase and with a step-wise exploration program. The initial work commitments during the first exploration phase of 2.5 years include the reprocessing of 2D seismic, and the acquisition of new 2D seismic data and geology and geophysics (G&G) studies.

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