Block 47 lies in a frontier area in the Guyana Basin. The licence is located some 270 kilometres north of mainland Suriname, with a water depth of between 1,300 and 3,000 metres. A recent discovery offshore nearby French Guyana is a promising indication of the potential in the region. "This cooperation is about executing on Statoil (STO)
's exploration strategy of securing early access opportunities with emerging potential. This frontier opportunity constitutes an important part of our growing international portfolio," says Pål Haremo
, senior vice president in Exploration Global
new ventures in Statoil.
The next step is to acquire and interpret seismic data in order to mature the acreage further. Tullow Oil is one of the largest independent oil and gas exploration and production companies in Europe
and was founded in Ireland in 1985.
The company focuses on Africa, Europe, South Asia and South America as exploration and production regions.
The farm-in to block 47 in Suriname marks
Statoil's first entry into the country. Statoil holds assets in neighbouring Brazil as well as in Venezuela.