Covering an area of approximately 8,000km², the Block 15 lies in water depths of 2,000m to 3,000m.
Statoil exploration senior vice president Nicholas Alan Maden said: "With this transaction, we are increasing our exposure to the upside potential of this untested geological setting.
"This is in line with Statoil’s exploration strategy of access at scale."
Upon completion of the deal, Sucursal Uruguay will operate the block with 35% interest, while Inpex Uruguay owns the remaining interest.
The deal is due to secure government approval.
Tullow, which already completed data collection program in the block, plans to collect further 3D seismic before making a decision.
Recently, Statoil Uruguay agreed to acquire 15% interest in offshore exploration block 14 in Uruguay from Total E&P Uruguay.
Located in the Pelotas basin of the South Atlantic Ocean, approximately 200km off the coast of Uruguay, the Block 14 covers an area of 6,690km2 in water depths of 1,850 to 3,500m.
Upon completion of the transaction, which is subject to governmental approval, Total will operate the block with 50% interest.
Additional partners include ExxonMobil Exploration and Production Uruguay with 35% stake and Statoil with 15% interest.
