Nicaragua Signs Agreements for Oil Exploitation With British

NICARAGUA NEWS (Prensa Latina) – Nicaragua’s petroleum company PETRONIC signed two agreements with British STATOIL, for the development of a study for exploration and exploitation of the area of the Pacific Ocean corresponding to the Nicaraguan national waters, local news media said here Thursday.

petronicPETRONIC president Franciasco Lopez said such agreements include a superficial recognition of the zone and the exploitation of the hydrocarbon potential there.

Jean-Philippe Rossi, vice president of Geoex International, specializing in geological and geophysical research company stressed the importance of contracts, considered the first step for the oil exploration of the Nicaraguan Pacific.

He also said his company will send a seismic research vessel to obtain a better understanding of the subsurface.