• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Hopes Are Dashed For International Oil Companies In North Iraq
  • 52 mins The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 7 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 6 hours "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days Changing Gazprom ADRs to Russian shares
  • 13 hours The Federal Reserve and Money...Aspects which are not widely known
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Oil Majors Converge On Uruguayan Offshore Play

I wrote yesterday about offshore natural gas exploration accelerating in Myanmar. And this week we got news that another major offshore exploration trend has struck again, this time in the fast-emerging destination of Uruguay.

Major European producer Statoil announced Monday that is has signed its second deal this month for exploration acreage in the Uruguayan offshore sector. With the E&P agreeing to take a 35% stake in Block 15 of the Pelotas Basin, held by junior developer Tullow Oil.

The farm-in is further confirmation of a trend in motion here. Coming just two weeks after Statoil announced it was taking a 15% interest in Uruguay’s Block 14 from owners Total and ExxonMobil. Related: The Decline Of The Coal Industry Is “Long-Term” And “Irreversible”

Statoil’s management said that the company’s aggressive moves in Uruguay are following a strategy of “access at scale”. Suggesting that the firm likes the fact it can get a big position here across a prospective basin.

Indeed, the Block 15 license builds nicely on Statoil’s existing acreage as it is located immediately adjacent to the Total/Exxon Block 14.

And those aren’t the only big players attracted by the potential here. With Statoil’s new Block 15 license also having Japanese major INPEX as a 30% interest holder. Related: Why OPEC Production Freeze Could Pave The Way For Actual Cuts

Interestingly, Statoil’s new Block 15 license hasn’t seen as much work as the Total/Exxon acreage. With operator Tullow planning to conduct a 3D seismic survey here as a next step.

Such work has already been completed at Block 14 — which is quickly advancing toward first drilling. This suggests that Statoil may have seen potential in its due diligence with Total for hydrocarbon traps extending onto the neighbouring Block 14 ground.

Whatever the case, a wide variety of oil and gas groups are seeing something they like here. Watch for more deals being done in this space — and for announcements from Tullow Oil on results from upcoming seismic work on the Block 15 area.

Here’s to getting a big position

By Dave Forest

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News