Oil Optimism in Nicaragua

The results of the examination carried out so far by the Norwegian company Statoil indicate the existence of "interesting geological structures that may contain oil."

Wednesday, September 28, 2016

Elnuevodiario.com.ni reports that "...Preliminary results of the first stage of research were presented on Tuesday by Statoil to authorities of the state-owned company Empresa Nicaragüense de Petroleos (Petronic), the Ministry of Energy and Mines (MEM), the Ministry of Environment and Natural Resources (Marena), and Enel."

The vice president of Statoil, Bard Krokan said  "...'We have observed interesting geological structures that may contain oil and gas, but as in any frontier exploration, there is always uncertainty over the probability of finding hydrocarbons'. "

The exploration of hydrocarbon sources in the coasts of Nicaragua started after a contract of understanding with Statoil and the British firm Geoex was signed in late 2014.



More on this topic

Nicaragua: Awards for Hydrocarbon Exploration

June 2015

The companies Statoil and Petronic won four contracts for exploration and exploitation of oil in a total area of ​​16 thousand square kilometers in the Nicaraguan Pacific.

The work will be carried out jointly by both companies, whom the government awarded contracts to for exploring and exploiting hydrocarbons in four different areas.

Nicaragua: Oil Exploration Agreements

September 2014

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.

Brazilian Interest in Hydrocarbon Exploration

August 2014

Two companies from the South American country are interested in oil exploration activities in the Nicaraguan Caribbean coast.

The speed with which approval could be given to the amendment to the Special Law on Exploration and Exploitation of Hydrocarbons , recently sent to the Legislature, would allow foreign companies interested in oil exploration activities to accelerate their arrival.

Nicaragua: No Oil in First Well in Caribbean

November 2013

Noble Energy announced that no oil was found in the first well dug in the Nicaraguan Caribbean coast but they did gain valuable geological information.

The well drilled to a depth of 10,415 feet was not found not to contain any hydrocarbon accumulation.

"Although we are disappointed that there was no discovery, there were several positive observations during drilling," said Vice President of Exploration and Geoscience of the company, Mike Putmam.

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