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!


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

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Oilfield Sales Representative - Outside Sales (Oil and Gas)
Expertise: Business Development|Project Management|Sales
Location: Odessa, TX
EU Business Development Manager - Refining/Maintenance Services
Expertise: Business Development
Location: Houston, TX
Manager, Probabilistic Risk Analysis Job
Expertise: Business Development|Research & Development|Technical Manager
Location: Minneapolis, MN
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours