Norwegian energy firm Statoil has entered into an agreement to farm into the Kakuna prospect in deepwater Gulf of Mexico.
The company will hold a 27.5% interest in the prospect located about 180 miles southwest of New Orleans, US, while Canada-based Nexen will hold the remaining 72.5% stake.
Nexen is the operator of the prospect which encompasses Green Canyon blocks 416, 460, 504, 505, 548 and 549.
The partners plan to drill an exploration well on the Miocene structure in the second half of this year.
The US Bureau of Ocean Energy Management and Regulatory Enforcement (BOEMRE) has approved a federal exploratory unit for Kakuna.
Operations on the well will begin in Green Canyon block 504 in the second half of 2011, given that all required permits are approved by the BOEMRE.