MercoPress. South Atlantic News Agency

Norway's Statoil joins Tullow Oil and expands share in Uruguay's Pelotas basin

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

Norway’s Statoil said that it has signed an agreement with Tullow Oil to secure a 35% working interest in a Uruguay’s Pelotas basin exploration block 15, about 200 kilometers off the coast of Uruguay.

 The acquisition, which is still subject to approval, will increase Statoil’s position in Uruguay, which arrived on the scene earlier this month in an agreement with French Total SA for a 15% interest in adjacent offshore exploration block 14.

“With this transaction, we are increasing our exposure to the upside potential of this untested geological setting. This is in line with Statoil’s exploration strategy of access at scale,” said Statoil’s Nicholas Alan Maden, senior vice president of exploration in a Monday press release.

According to Statoil, a comprehensive data collection program has been completed on block 15, which spans more than 8,000 square kilometers, sitting at depths between 2,000 and 3,000 meters. Block 14 covers 6,690 square kilometers at depths between 1,850 and 3,000 meters.

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Tullow Uruguay Limited Sucursal Uruguay will remain the operator of block 15 with 35% interest, while INPEX Uruguay Limited will hold the remaining 30%.

Total will remain the operator of block 14 with a 50% share, with ExxonMobil owning the remaining 35%. Tullow has plans to first collect additional 3D seismic before further action on the block.