Statoil ASA has been awarded four licenses covering 16,000 sq km in the largely unexplored Sandino basin of the Nicaraguan Pacific.
Statoil will operate the licenses with 85% interest, partnering with Empresa Nicaraguense del Petroleo (Petronic), which will hold the remaining interest. Initial work commitments during the 2½-year first exploration phase include reprocessing of 2D seismic, acquisition of new 2D seismic data, and geological and geophysical studies.
Information obtained from the initial studies and seismic survey will form the basis for Statoil’s next steps in the licenses, the company says.
“Offshore the Nicaraguan Pacific is virtually untested and the awards of new acreage in this frontier area are in line with our exploration strategy of access at scale,” commented Nick Maden, senior vice-president for Statoil’s exploration activities in the Western Hemisphere.