New developments in Oil & Gas
March, 2016 - Uruguay
Guyer & Regules helped French oil explorer Total in the sale of 15 per cent stake in block 14, which is in the Pelotas basin, to Norwegian state oil company Statoil.
The sale leaves Total with a 50 per cent stake in block 14, while the other stakeholder, ExxonMobil holds a 35 per cent interest.
Block 14 was awarded to Total in 2012. Drilling at the offshore block – which is thought to have the deepest oil reservoir in the world – is expected to start within the first half of this year. The closing of Statoil’s acquisition is pending government approval.
