Statoil seals Uruguay offshore farm-in

Norway's Statoil signed a contract with Uruguayan authorities sealing its previously announced farm-in to exploratory block 14 off the Uruguayan coast, Uruguay's industry, energy and mining industry (Miem) said.

Drilling began last month at the block, which is a JV between operator Total (50%), ExxonMobil (35%) and Statoil (15%).

Also from Uruguay, President Tabaré Vázquez presented a draft to political parties of a bill that would create a national hydrocarbons agency to oversee oil and gas activity.

Vázquez will work with the heads of the country's major parties to iron out the details of the bill before it is sent to legislators for approval, a government statement said.