Exxon acquires stake in block, joins Total in drilling Uruguay’s first offshore well

ExxonMobil has acquired a 35% stake in Block 14 off Uruguay's coast, and will team up with Total to drill the country's first offshore exploratory well, according to Reuters, citing Uruguay’s state oil firm ANCAP.

The offshore well is 400 kilometers (249 miles) from Montevideo and will be drilled at a depth of 3,400 meters (11,155 feet).

Total has been operating in Block 14 since 2012 and has completed seismic surveys covering 7,188 square kilometers. Reuters noted that Exxon and Total are investing $200 million in the venture and will begin drilling the milestone well in the first half of 2016.

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