Statoil Uruguay B.V. (Statoil) has agreed with Total E&P Uruguay B.V. (Total) to acquire 15% working interest in offshore exploration block 14 in Uruguay.
This represents a new impact opportunity for Statoil and a new country entry.

Block 14 is located in the Pelotas basin of the South Atlantic Ocean, approximately 200 kilometres off the coast of Uruguay. It covers an area of 6,690 square kilometres in water depths of 1,850 to 3,500 metres.

Statoil has acquired 15% working interest from operator Total. This transaction is pending governmental approval. Total retains a 50 % working interest. The partnership also includes ExxonMobil Exploration and Production Uruguay B.V. with 35% working interest.

“With this transaction, we are positioning ourselves in yet another underexplored 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.

Statoil’s entry into Uruguay further expands its extensive position in Latin-America. In neighbouring Brazil, Statoil operates the Peregrino field, the Pão de Açúcar discovery and holds a large portfolio of exploration acreage. Statoil is also present in Mexico, Nicaragua, Colombia, Venezuela and Suriname.

About Statoil

Statoil ASA (OSE: STL, NYSE: STO) is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Stavanger, Norway, with approximately 23,000 employees worldwide, and are listed on the Oslo and New York stock exchanges.

About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower. Our 100,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.