Norwegian operator Statoil has agreed with Total to acquire a 15% working interest in an offshore exploration block in Uruguay.
The move will see the company’s first step into the country.
The block is located in the Pelotas basin of the South Atlantic Ocean, 200km off the coast of Uruguay.
Total will retain a 50% working interest alongside ExxonMobil Exploration and Production Uruguay with a 35% working interest.
Nicholas Alan Maden, senior vice president for exploration in Statoil, said:“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.”
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.
Block 14 was awarded to Total in 2012.
Statoil said based on the results of the Raya well, the partnership will decide further steps.