Tullow, INPEX agree to farm-out deals offshore South America

Tullow Oil has agreed to farm into 30% of block 31 offshore Suriname from Teikoku Oil (Suriname).

Offshore staff

LONDON – Tullow Oil has agreed to farm into 30% of block 31 offshore Suriname from Teikoku Oil (Suriname).

The latter, a subsidiary of INPEX, currently holds a 100% operating interest. Tullow’s entry is subject to approval from state oil company Staatsolie.

Tullow is active in Suriname’s offshore sector as a partner inblock 47. Here processing is under way of a 3,000-sq km (1,158-sq mi) 3D survey completed late last year.

Initial seismic interpretation confirms the presence of major deepwater turbidite systems. The partners are compiling a prospect inventory prior to deciding whether to enter the next phase of the production-sharing contract next April.

Offshore Uruguay, Tullow has been acquiring 2,000 sq km (772 sq mi) of 3D seismic over Area 15 in the Pelotas basin in water depths of 2,000-3,000 m (6,561-9,842 ft). Here, too, initial results look promising for prospectivity. A fuller evaluation of the data is expected to start in 4Q 2013.

Recently, the company agreed to farm out 30% equity in Area 15 to INPEX, subject to approval from Uruguyain regulator Administracion Nacional de Combustibles Alcohol y Portland (ANCAP).

7/31/2013

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