Statoil is to start oil exploration offshore Uruguay after acquiring a working interest in a block located in the nations Pelotas basin.
The 15% working interest has been acquired from French major Total, and gives Statoil access to an area covering 6,690 square kilometres, 124 miles (200km) off the Uruguayan coast, in water depths ranging 1,850 metres (6,070ft) to 3,500 metres (11,483ft).
Statoil Oil Exploration Offshore Uruguay
Statoil’s interest sees Total now holding a 50% working interest, and super major ExxonMobile holding the remaining 35%.
Commenting on the new stake Statoil’s SVP for Exploration, Nicholas Alan Maden, said: “With this transaction, we are positioning ourselves in yet another underexplored basin with upside potential.”
“This is in line with our exploration strategy of early access at scale, and strengthens Statoil’s long-term international portfolio,”
Total 3D Seismic
Total has recently completed data acquisition of the area including 3D seismic- greatly increasing the possibility of the partnership striking hydrocarbons.
It’s believed Statoil bought in to the block on the strength of the seismic survey data.
With the partnership looking to start exploratory drilling during the first half of 2016, Maden said: “It is exciting that we are able to test this opportunity so quickly, to explore a new geological concept in this frontier deep-water area,”
Statoil South America
The move by Statoil sees their Central and South American activity grow to 6 nations, including Colombia; Nicaragua; Suriname; Venezuela and heavy activities across Brazilian offshore. Statoil also operates in Mexico.