Igor Sechin, Russia's Deputy Prime Minister, informed that exploration, both in land and Nicaraguan waters, will be carried out by the National Petroleum Consortium of Russia, comprised by the largest Russian oil companies.
After the signature of the understanding memorandum in the Nicaraguan Foreign Relations Ministry, Sechin announced: "With this document, the consortium will green-light studies on oil exploration possibilities in Nicaragua".
The government has signed memorandums of understanding with the British Geoex and Norway's Statoil, to carry out studies and activities in re-exploration and exploration of gas-oil in the Pacific.
The agreement signed with the Norwegian state run company Statoil focuses on the development of a study for exploration and exploitation of hydrocarbon potential in the Nicaraguan Pacific, while the one signed with Geoex, allows for a study of surface reconnaissance around the Pacific Nicaragua, about 32 thousand square kilometers of water and about 9 thousand kilometers in line for the complete study which will allow Statoil to start exploration activities.
Four awards have been made so far in the Caribbean and in the Pacific, to Noble Energy, Infinity Energy and Industrias Oklahoma Nicaragua.
According to the Minister of Energy and Mines (MEM), Emilio Rappaccioli, "the company Noble Energy, which between 2013-2015 will invest between $180 million and $670 million is at the moment making progress in drilling the first well, but in Nicaraguan waters" reported Elnuevodiario.com.ni .
The concessionaire of hydrocarbon exploration in the Pacific has announced that it had detected light oil and natural gas.
Estimates by the company Industria Oklahoma-Nicaragua SA (Indoklanicsa) on the volume of the reservoir are for over 27 million barrels.
Laprensa.com.ni reports that "The board of Indoklanicsa, the concessionaire of the project oil exploration Pacífico Costa Adentro de Nicaragua, sent a report to the Ministry of Energy and Mines (MEM) on November, called a Discovery Statement , where the Nicaraguan government announced the first discovery of light liquid hydrocarbon and natural gas in initial amounts estimated at more than 27 million barrels .... the documents state that the oil found is of very good quality, ie, about 36 degrees or API (American Petroleum Institute), which is the unit of measurement of the quality of oil. "
The government will sign two concession contracts with Infinity Energy for oil and natural gas exploration and exploitation.
According to the article from "Proceso Digital," the Nicaraguan vice-minister of Energy and Mining, Lorena Lanzas, pointed out that "the granting of these concessions have already been approved by the Regional Governments of the Southern and Northern Caribbean coast of Nicaragua, in accordance with the law."
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