UK-based oil explorer Tullow Oil has sold a 30% stake in a deepwater block, offshore Suriname, to Norway’s Statoil for an undisclosed sum.
Tullow will now hold a 70% operating stake in block 47, which lies in the Guyana Basin, 270km north of mainland Suriname.
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The licence is located in water depths of between 1,300m and 3,000m.
The deal is subject to the approval of Surinamese state oil company Staatsolie Maatschappij Suriname.
In addition, a recent discovery was made offshore nearby French Guyana, signifying the region’s potential.
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