By February 1, 2016 Read More →

Statoil to explore offshore Uruguay

Statoil, Total, Exxon and Production Uruguay B.V. team up for exploration

Statoil

Total has completed an extensive data collection programme and the partnership is readying to drill the Raya prospect in the first half of 2016.  Statoil photo.

On Monday Statoil announced it is joining forces with Total, Exxon and Production Uruguay B.V. in offshore exploration in the South Atlantic Ocean.

The companies will be searching for oil in block 14 which is located in the Pelotas basin, about 200 Km off the coast of Uruguay.  The block covers an area of 6,690 square Kms in water depths of 1,850 to 3,500 metres.

According to the company, this represents a new impact opportunity and a new country entry.

Pending government approval, Statoil acquired 15 per cent working interest in the block from operator Total.

Statoil

With this partnership, Statoil says it is positioning itself in an under-explored basin with upside potential.  Statoil image.

Following completion of the deal, Total will retain a 50 per cent working interest and Production Uruguay B.V. will have a 35 per cent working interest.

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

Total has completed an extensive data collection programme, including acquiring new 3D seismic data covering the block. The partnership is now preparing to drill the Raya prospect during the first half of 2016.

“It is exciting that we are able to test this opportunity so quickly, to explore a new geological concept in this frontier deep-water area,” says Maden.

Block 14 was awarded to Total in 2012. Based on the results of the Raya well, the partnership will decide further steps.

 

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