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Statoil Uruguay has signed an agreement to acquire 15% working interest in offshore exploration block 14 in Uruguay from Total E&P Uruguay.

The agreement will allow Statoil to venture into Uruguay and further expand its position in Latin-America.

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Block 14, which is located in the Pelotas basin of the South Atlantic Ocean, about 200km off the coast of Uruguay, covers 6,690km² area in water depths of 1,850m to 3,500m.

In November 2015, Total had already divested a 35% stake in block 14 to ExxonMobil Exploration and Production Uruguay. The block was awarded to Total in 2012.

Total will retain a 50% working interest in the block.

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Statoil exploration senior vice president Nicholas Alan Maden said: "With this transaction, we are positioning ourselves in yet another underexplored basin with upside potential.

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"This is in line with our exploration strategy of early access at scale, and strengthens Statoil’s long-term international portfolio."

"This is in line with our exploration strategy of early access at scale, and strengthens Statoil’s long-term international portfolio."

Following the completion of data collection programme including new 3D seismic data acquisition covering the block by Total, the partnership will now focus on drilling the Raya prospect during the first half of 2016.

Based on the results of the Raya well, the partnership will decide on next steps to be taken.

Statoil operates the Peregrino field, the Pão de Açúcar discovery in Brazil and holds a portfolio of exploration acreage.

The transaction is subject to governmental approval.

Image: Block 14 is located in the Pelotas basin of the South Atlantic Ocean. Photo: © Statoil