Norwegian oil company Statoil has signed a farm-in agreement with Tullow to acquire a 35% working interest in offshore exploration block 15 in the Pelotas basin, deepening its position in Uruguay. Block 15 covers an area of more than 8,000 km2. Tullow will remain the operator with 35% working interest, while INPEX will retain the remaining 30% interest.
In early February 2016, the group acquired a 15% working interest in offshore exploration block 14 in Uruguay Total E&P Uruguay, pending governmental approval. Total retains a 50% working interest, while ExxonMobil owns a 35% working interest. The Block 14 is located in the Pelotas basin of the South Atlantic Ocean, and was awarded to Total in 2012. The companies are preparing to drill the Raya prospect during the first half of 2016 and will decide on further steps based on the results of the well.
This acquisition marks the entry of Statoil on the Uruguayan market. The company is already active in Brazil, Mexico, Nicaragua, Colombia, Venezuela and Suriname.