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Statoil won a 15% stake in an offshore exploration block in Uruguay, Norway’s multinational oil and gas company announced on Friday.

Statoil acquires deepest offshore drilling in Uruguay

Uruguay

MONTEVIDEO, February 1, 2016 – Statoil won a 15% stake in an offshore exploration block in Uruguay, Norway’s multinational oil and gas company announced on Friday.

 

The partners are planning to drill a well on the Raya prospect, which has anticipated resources of over 1.5 billion boe, this year, breaking the world deepwater well record with a water column of 3,400 metres. The project is scheduled to begin in March with an expected cost of USD 1 million per day. Operations are scheduled to last 111 days.

Total will operate the project with 50% interest, with ExxonMobil holding the remaining 35%. Block 14 is located 400 km off the coast of Montevideo on the Pelotas Basin. It stretches 6690 sq.km, and drilling will be conducted at depths of 1,850- 3,500 metres under water.

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