Statoil to explore offshore Uruguay

Statoil Uruguay BV has agreed with Total E&P Uruguay BV to acquire 15% working interest in offshore exploration block 14 in Uruguay.

Block 14 is located in the Pelotas basin of the South Atlantic Ocean, approximately 200 kilometers off the coast of Uruguay. It covers an area of 6,690 square kilometers in water depths of 1,850 meters to 3,500 meters.

Statoil has acquired 15% working interest from operator Total. This transaction is pending governmental approval. Total retains a 50% working interest. The partnership also includes ExxonMobil Exploration and Production Uruguay BV, with 35% working interest.

Total has completed a data collection program, including acquiring new 3D seismic data, covering the block. The partnership is now preparing to drill the Raya prospect during the first half of 2016.

Block 14 was awarded to Total in 2012. Based on the results of the Raya well, the partnership will decide further steps.

Statoil’s entry into Uruguay further expands its extensive position in Latin America. Statoil is also present in Mexico, Nicaragua, Brazil, Colombia, Venezuela, and Suriname.

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