Statoil to explore offshore Uruguay

Source: Statoil

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

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

This represents a new impact opportunity for Statoil and a new country entry.

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

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 B.V. with 35% working interest.

Total has completed an extensive data collection programme, 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. In neighbouring Brazil, Statoil 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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