Minnow joins Statoil in Nicaraguan offshore bet
A Statoil platform. The company is one of the few players drilling off Nicaragua. (Harald Pettersen/Statoil)
Latin America-focused explorer Union Oil and Gas Group (UOGG) is following in the footsteps of Norwegian state giant Statoil by taking a bet on offshore Nicaragua, a country with no history of oil and gas production.
UOGG said earlier this week it will sign an agreement with Nicaragua’s state oil company Petronic to explore four offshore oil and gas blocks in the Sandino Basin, which is off the country’s Pacific coast.