5,000 barrels of crude oil expected to be extracted in Nicaragua

Norwood, a company with Canadian capital, has the concession for oil exploration on land in the west of the country.

Thursday, August 28, 2008

Nicaragua's Minister of Energy and Mining, Emilio Rappaccioli, explained that the Canadian company has drilled three exploration wells at a depth of almost 3,000 meters "and have found very clear and specific traces petroleum liquid and gas."
"They hope to pump out 4,000 to 5,000 barrels of oil in the next two months," Rappaccioli added, but pointed out that it will not be until six months time that they will know if they have oil in commercial quantities.

More on this topic

Nicaragua: Norwood Extracts Light Crude Oil

December 2009

At the San Bartolo field, Norwood Resources extracted light crude oil with 38.5 API gravity.

In a progress report, the company detailed that they extracted 57.3 barrels of light crude oil, at a depth of approximately 1.9 km.

Norwood stated that "Although the conclusive recovery of light gravity oil is very encouraging, additional testing and flows need to be completed in order to determine the potential for commercial viability".

Study Confirms Nicaraguan Oil Potential

December 2009

The area given under concession to Infinity Resources would contain 3 structures with potential for over 3.00 billion barrels of oil.

The figures are a result of a study conducted by Dutch company Fugro Data Services and Brazilian corporation "Consultoría em Geología Geofísica e Informatica de Petroleo".

Oil Company to Restart Operations in Nicaragua

July 2009

Norwood Resources plans to restart oil exploration activities at the Indoklanicsa concession.

The company would finance the drilling program, as well as the purchase of specialized equipment, by way of $5 million in secured convertible promissory notes.

Activities would be restarted in the following months, and the company hopes to achieve commercial production by the end of the year at the San Bartolo area.

Norwood Resources to test oil find in Nicaragua

May 2008

Nicaraguans are waiting anxiously after news that US-based Norwood Resources struck oil in San Rafael del Sur, some 50 kilometers south of Managua.

Norwood said that samples taken from one of its exploratory wells are being tested in Houston and further drilling will be needed to establish the commercial viability of the project.

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