Statoil adds to Uruguay assets

Statoil adds to Uruguay assets

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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