Statoil farms into second block offshore Uruguay

Statoil ASA has agreed to acquire 35% working interest in exploration Block 15 in the Pelotas basin offshore Uruguay from Tullow Oil PLC.

Statoil recently entered Uruguay as partner in the adjacent exploration Block 14, where the group that includes Total SA and ExxonMobil Corp. plans to drill the Raya prospect during this year’s first half (OGJ Online, Feb. 1, 2016). The firm says it continues to pursue a regional geological trend by accessing Block 15.

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

Block 15 covers more than 8,000 sq km in 2,000-3,000 m of water. Tullow Uruguay Ltd. Sucursal Uruguay remains operator with 35% working interest, while Inpex Uruguay Ltd. holds the remaining interest. The deal is subject to government approval.

A comprehensive data collection program has already been completed on the block, Statoil says. Tullow plans to collect more 3D seismic before a decision is made on additional steps.

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