The licences cover an area of about 16,000 square kilometres in the Sandino Basin. Statoil is the operator with 85% equity with the Empresa Nicaraguense del Petroleo (Petronic) participating with the remaining equity.
Statoil has a step-wise exploration programme for the area. The initial work commitments during the first exploration phase of 2.5 years include re-processing of 2D seismic data, acquisition of new 2D seismic data and geology and geophysics studies. The information obtained from the initial studies and seismic survey will form the decision basis for Statoil’s next steps in the licences.