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Statoil eyes offshore Nicaragua with Petronic joint venture

12th September 2014

Statoil has announced that it signed a Petronic-Statoil cooperation agreement last Wednesday with the intention to find ways to cooperate in oil and gas activities offshore Nicaragua’s Pacific coast

Statoil eyes offshore Nicaragua with Petronic joint venture
Geoex International has also 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

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 is not party to this agreement. 

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