Statoil is not hanging around cementing its position in Uruguay. The Norwegian oil firm agreed on February 1 with Total to acquire a 15% working interest in offshore exploration block 14 in Uruguay, its first investment in the South American nation.
Now it has signed a farm-in agreement with Tullow to acquire a 35% working interest in offshore exploration block 15 in the Pelotas basin.
“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 Nicholas Alan Maden, senior vice president of exploration.
Block 15 covers an area of more than 8,000 sq km and sits in water depth of 2,000-3,000 m.
