Focus on the small South American country of Uruguay is set to sharpen after Statoil took a further stake in the country's deep offshore acreage.
Statoil, which earlier this month announced it would be a partner with Total on the first deep water exploration well offshore Uruguay, on the Atlantic coast, has now also agreed to farm-in with Tullow Oil on acreage in the same basin.
Statoil will acquire 35% interest in block 15 in the Pelotas basin, neighboring Total's block 14.
Block 15 covers an area of more than 8000sq km and sits in 2-3000m water depth.
"By accessing the adjacent block 15 Statoil continues to pursue this regional geological trend," Statoil said.
Total is due to start drilling on the Raya prospect in block 14 using Maersk Drilling's Maersk Venturer drillship in 1H 2016.
"With this transaction, we are increasing our exposure to the upside potential of this untested geological setting. This is in line with Statoil' exploration strategy of access at scale," says Nicholas Alan Maden, senior vice president of Exploration.
Tullow Uruguay Limited. Sucursal Uruguay remains the operator with 35% working interest, while INPEX Uruguay holds the remaining interest. The deal is subject to government approval.
A comprehensive data collection program has already been completed in the block. As operator, Tullow is planning to collect further 3D seismic before a decision is made on further steps.
Statoil already has a presence in South America, where, in Brazil, it operates the Peregrino field, the Pão de Açúcar discovery and holds a large portfolio of exploration acreage. Statoil is also present in Mexico, Nicaragua, Colombia, Venezuela and Suriname.
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