Statoil lines up farm-ins offshore Uruguay, New Zealand

Offshore staff

STAVANGER, Norway – Statoil has agreed to acquire a 35% interest in block 15 offshore Uruguay from operator Tullow Oil.

The concession is in the deepwater Pelotas basin, adjacent to block 14, where Statoil is a partner with Total and ExxonMobil.

Nicholas Alan Maden, Statoil’s senior vice president of exploration, said: “With this transaction, we are increasing our exposure to the upside potential of this untested geological setting.”

Block 15 covers more than 8,000 sq km (3,089 sq mi), in water depths of 2,000-3,000 m (6,562-9,842 ft). INPEX is the other partner.

To date Tullow has completed a comprehensive data collection program over the block, and the company plans to acquire further 3D seismic before deciding on the next steps.

Offshore New Zealand, OMV has reportedly agreed to farm out 30% of a permit in the deep-sea Pegasus basin to Statoil. Petroleum Exploration Permit 57073, awarded under the New Zealand government’s 2014 block offer, is off the east coast of the lower North Island.

OMV has a 15-year exploration license for the concession.

Statoil was awarded exploration acreage in the 2013 block offer and plans to explore for oil and gas in the Reinga basin, off the northwest coast.

Assuming approval for the transaction, the duo reportedly plans geological and geophysical studies and seismic acquisition over the next few years before deciding whether to drill early in the next decade.

02/16/2016

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