The Government of Nicaragua announced that there is a “great possibility” of having hydrocarbons in its Pacific coast after a meeting with Statoil, a Norwegian oil company which is conducting the research.
Geological, geophysical and geochemical studies have been carried out in the Pacific and they indicate that there is a great possibility of finding hydrocarbon,
informed Ernesto Martinez Tiffer, executive president of Nicaraguan Electricity Company (ENEL).
The preliminary results of the first research were presented by Statoil to authorities from the Nicaraguan Oil Company (PETRONIC), the Ministry of Energy and Mines (MEM), the Ministry of Environment and Natural Resources (MARENA), and ENEL.
Statoil expects to complete a two-year-and-a-half process before confirming if there is enough quantity of hydrocarbons for trade, as explained by the Executive.
According to officials, the oil company, established in Nicaragua in 2015, has permits to explore about 15,955 square kilometers in the Pacific Ocean and their studies have reached 250 meters below the seabed.