MercoPress. South Atlantic News Agency

South America News.

Seismic oil exploration offshore Uruguay

Next March the French Geophysics General Company, CGG, will begin an offshore oil exploration seismic survey of 10,000 square kilometres of the Uruguayan continental platform next to the Brazilian border. The agreement signed last week between the Uruguayan oil government company Ancap and the French organization anticipates a two stage work: beginning March 6,000 square kilometres and in the November the other 4,000 square kilometres. The "seismic speculative survey" as was defined by Mr. Jean Paul Baron from CGG, should be finished by mid 2003 when the first results of the data collected will give an idea if there are hydrocarbons in commercial volumes. Mr. Jorge Sanguinetti, president of Ancap said the final report together with the seismic surveys done by Petrobras in Brazil and YPF in Argentina will "provide a full picture of the offshore potential for hydrocarbons in the South Atlantic". "Although this does not mean we'll find oil", added Mr. Sanguinetti, "Ancap will not pay one peso for the survey, the French company will run with all the costs and they are entitled to sell the data to whoever might be interested in further exploration". In the mid seventies an American oil company Chevron, drilled two wells in the Uruguayan continental platform with a Dolphin rig, but prospects were not encouraging at the time. Uruguayan authorities are betting in new technology and the fact that oil and natural gas have been found offshore in southern Brazil. Uruguay is totally oil dependent; energy is 100% hydroelectric.

Punta Arenas Free Zone misses Argentines

With overall sales in 2001 down, and a first half of 2002 that could be worse, Punta Arenas Free Zone has been forced to cut costs, organize for the first time sales and even change suppliers. Mr. Kishor Sachanandani, president of the Free Trade Zone which represents 75 outlets in the compound, said sales in electronics and automobile parts dropped between 25 and 30% last year, and "in December and January, prospects are not encouraging since the Argentines haven't appeared so far". Another factor that has had its influence is "that locals aren't purchasing so