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2/15/2016, 12:04 PM (Source: TeleTrader)
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Statoil to widen its offshore ops in Uruguay

Norwegian state-run multinational oil corporation Statoil has signed an agreement with Tullow Uruguay Limited to acquire 35% in working interest in offshore exploration Block 15 in Pelotas basin.

Block 15 covers an area of over 8,000 square kilometres, with waterbed ranging from 2,000 to 3,000 metres.

Statoil obviously aims to leave a firmer footprint in Uruguay offshore drilling, since it recently entered Uruguay as a partner in exploration Block 14 in the Atlantic Ocean.

Sucursal Uruguay keeps its part of 35% working interest, while INPEX Uruguay Limited holds the remaining interest. Tullow plans to collect more of the 3D seismic data before a decision is made on further steps, and the Statoil agreement remains open pending the government approval.

"With this transaction, we are increasing our exposure to the upside potential of this untested geological setting. This is in line with Statoil's exploration strategy of access at scale," said Nicholas Alan Maden, senior vice president of Exploration of Statoil, in the press release.

In other news, import of crude oil in China dived 20% from the record high in December 2015, according data from the National Bureau of Statistics.

The U.S. light sweet crude WTI April contracts were priced up 1.77% at $029.99 a barrel, at 12:00 p.m. CET. The North Sea benchmark Brent rose 0.77% at $33.61 a barrel also at the European midday. The price of OPEC basket of 13 crudes stood at $26.74 a barrel on Friday, February 12, compared with $25.21 a day before, according to calculations by OPEC Secretariat.

Shares of both companies were trading higher following the news: Statoil rose 4.13% at NYSE, and Tullow jumped 9.27% at Nasdaq.

Image: Statoil

Breaking the News / ZR