Statoil has been awarded four licenses off the coast of Nicaragua.
The award will give the company its first acreage in the region.
The licenses awarded cover 16,000sq km in the Sandino basin and Statoil will have an 85% interest as well as acting as operator.
The Nicaraguan state-owned oil company Petronic will hold the remaining 15%.
Nick Maden senior vice president for Statoil’s exploration activities in the western hemisphere said:“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.
“This is a long-term opportunity with high subsurface uncertainty, but with impact potential.”
The initial work commitment are expected to last 2.5years during the first exploration phase.
Work includes re=processing of 2D seismic, as well as acquisition of new 2D seismic data and geology and geophysics studies.
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