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.

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.