Statoil is to join French oil major Total in drilling the first deep water exploration well offshore Uraguay.
Statoil has agreed to take a 15% stake in Block 14, a frontier block in the deep water Pelotas basin, about 200km offshore, in the the South Atlantic Ocean.
The Raya exploration well is due to be drilled in the block using Maersk Drilling's Maersk Venturer drillship, which covers 6690sq km, in 1H 2016.
The block, awarded to Total in 2012, is in 1850-3500m water depth and has been covered by 3D seismic data acquisition. Based on the results of the Raya well, the partnership will decide further steps.
This deal is subject to governmental approval. Total retains a 50% working interest, with ExxonMobil holding the remaining 35%.
“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.
“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.
Statoil already has a presence in South America, where, in Brazil, it 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.
Maersk Venturer is the third in a series of four ultra-deepwater drillships in Maersk Drilling’s fleet. The four drillships represent a total investment of US$2.6 billion. The other three drillships have all secured long-term contracts.
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Total lines up Maersk Venturer for Uruguay
Image: Maersk Drilling's Maersk Venturer. Image from Maersk Drilling.
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