Statoil, Petronic Aim to Explore Offshore Nicaragua

Statoil reported Thursday that last week it signed a cooperation agreement with Petronic that will see the two companies find ways to work together in oil and gas activities off Nicaragua's Pacific coast.

Statoil said that it and Petronic had also sent a request to the Nicaraguan Ministry of Energy and Mines to request the start of exclusive negotiations for concession contracts offshore Nicaragua. The firm said this is a "first step" towards possible exploration activities in the area.

Separately, Geoex International has signed a cooperation agreement with Petronic with the intent to conduct a 2D seismic survey covering an area of 11,900 square miles off Nicaragua's Pacific coast. However, Statoil is not party to this agreement.



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