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.
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