U.S. oil company Exxon Mobil has acquired a 35 percent stake in an oil block off Uruguay’s coast, teaming up with France’s Total to spud the country’s first offshore exploratory well, state oil firm ANCAP said on Monday.
The well will be drilled about 400 km (249 miles) from the seaside capital Montevideo at a depth of 3,400 meters (11,155 feet), ANCAP said. Total has been operating in Block 14 since 2012 and carried out seismic surveys covering 7,188 square kilometers.
The two firms will invest $200 million and begin drilling the well in the first half of 2016, ANCAP said. ANCAP said the well represented a “milestone in oil exploring in Uruguay.”