Chinese state oil company CNPC has spudded a well to probe a previously untested part of Venezuela's Intercampo oil field.
Statoil has an option to take over a 60 per cent interest in the Lake Maracaibo field if the results of this well prove positive.
The agreement with CNPC also allows the group to take over as operator of Intercampo, where the Chinese company is currently the sole licensee.
CNPC was awarded the job of reactivating the field in 1997, and started drilling on 14 December.
"The outcome of this well is important for us," says Statoil project manager Arnfinn Jøssang.
The group has 90 days after drilling has been completed to determine whether it wants to participate in Intercampo.
This field lies south-east of LL 652, another reactivation project in which Statoil has a 30 per cent interest.