Statoil to Acquire 35% Stake in Block 15, Uruguay

Statoil has signed a farm-in agreement with Tullow to acquire a 35 percent working interest in offshore exploration block 15 in the Pelotas basin, Uruguay.

Block 15 covers an area of more than 3,000 square miles and sits in water depth of between 6,561 and 9,842 feet. Following the transaction, which is subject to government approval, Tullow Uruguay Limited Sucursal Uruguay would remain the operator of the block with a 35 percent working interest, while INPEX Uruguay Limited would hold the remaining 30 percent stake. A comprehensive data collection program has already been completed in the block and Tullow is planning to collect further 3D seismic before a decision is made on further exploration.

Statoil Senior Vice President of Exploration, Nicholas Alan Maden, commented in a company statement:

"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.”

Statoil recently announced its entry into Uruguay as a partner in exploration block 14.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)
 -  Industry Pros Gather for Offshore Achi... (Mar 24)
 -  Statoil Makes North Sea Oil, Gas Disco... (Mar 24)
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Protection Coordinator
Expertise: Risk Management|Security
Location: TX
 
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
 
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours