Statoil enters offshore Uruguay, plans drilling in first half

Statoil Uruguay BV has agreed to acquire 15% working interest in exploration Block 14 offshore Uruguay from Total E&P Uruguay BV.

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Statoil Uruguay BV has agreed to acquire 15% working interest in exploration Block 14 offshore Uruguay from Total E&P Uruguay BV.

Block 14 covers 6,690 sq km and lies in 1,850-3,500 m of water in the Pelotas basin of the South Atlantic, 200 km offshore Uruguay.

Total has completed an extensive data collection program, including acquiring new 3D seismic data covering the block. The partnership is now preparing to drill the Raya prospect during this year’s first half.

The deal is pending government approval. Total will retain 50% interest. The partnership also includes ExxonMobil Exploration & Production Uruguay BV with 35% interest.

Block 14 was awarded to Total in 2012 (OGJ Online, May 3, 2012). The partnership will determine further plans following the Raya well results.

“With this transaction, we are positioning ourselves in yet another underexplored basin with upside potential,” said Nicholas Alan Maden, Statoil senior vice-president for exploration. “This is in line with our exploration strategy of early access at scale, and strengthens Statoil’s long-term international portfolio.”

Statoil maintains an active presence in neighboring Brazil with Peregrino field (OGJ Online, Sept. 21, 2015); the Pao de Acucar discovery, where the company in December agreed to assume operatorship (OGJ Online, Dec. 11, 2015); and a large portfolio of exploration acreage.

The company also has assets in Mexico, Nicaragua, Colombia, Venezuela, and Suriname.

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