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Statoil expands oil hunt with Uruguay investment

Norwegian oil company Statoil expands its oil hunt to South America where the purchase of an exploration license brings the company, for the first time, to an unexplored deep sea area off the coast of Uruguay.

Photo: Øyvind Hagen - Statoil

Statoil has acquired 15 percent of an exploration license 200 kilometers off the coast of Uruguay's capital Montevideo, the company writes in a statement.

The seller is Total, which however continues to won half of the 6.690 square kilometers called Block 14, which have a sea depth of between 1,950-3,500 meters. Exxon Mobil is also involved in the treasure hunt with the remaining third of the license.

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