Statoil, Tullow partner up in Uruguay

Norwegian oil company Statoil has signed a farm-in agreement with the London-listed Tullow to acquire a 35% working interest in offshore exploration block 15 in the Pelotas basin, strengthening its position in Uruguay.

“With this transaction, we are increasing our exposure to the upside potential of this untested geological setting. This is in line with Statoil’ exploration strategy of access at scale,” says Nicholas Alan Maden, senior vice president of Exploration.

The Norwegian oil firm just recently entered the South American country as partner in exploration block 14. By accessing the adjacent block 15 Statoil continues to pursue this regional geological trend.

Block 15 covers an area of more than 8,000 km2 and sits in water depth of 2,000-3,000 meters. Tullow Uruguay Limited. Sucursal Uruguay remains the operator with 35% working interest, while

INPEX Uruguay Limited holds the remaining interest. The transaction is subject to government approval.

Statoil said that a comprehensive data collection program has already been completed in the block. As operator, Tullow is planning to collect further 3D seismic before a decision is made on further steps.