Statoil eyeing oil off Nicaragua’s Pacific coast

On 3 September Statoil signed a Petronic-Statoil a letter of intent with the intention to find ways to cooperate in oil and gas activities offshore Nicaragua’s Pacific coast.

The consortium (Statoil and Petronic) has also sent a request to the Nicaraguan Ministry of Energy of Mines (MEM) to request start of exclusive negotiations for concession contracts offshore Nicaragua’s Pacific coast. This request is pending MEM approval. This is an early phase, but a first step towards possible exploration activities offshore Nicaragua.

Separately, Geoex International has signed a cooperation agreement with Petronic with the intent to conduct a 2D seismic survey covering an area of 32,000 square kilometres off Nicaragua’s Pacific coast.

Statoil explained in the press release that contrary to what some recent media reports indicate, Statoil is not party to this agreement.

Press Release, September 11, 2014