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Total plans to spud first exploratory well in Uruguay’s continental shelf in 2015

Tuesday, July 16th 2013 - 20:10 UTC
Full article 5 comments
By 2017 all companies with licences must have drilled at least one well in each block  By 2017 all companies with licences must have drilled at least one well in each block

The French oil and gas company Total confirmed that at the beginning of 2015 it will spud its first exploratory well in deep waters of the Uruguayan continental shelf, according to Juan Gomez, one of directors from the country’s fuel company Ancap.

Gomez and a delegation from Ancap recently visited the companies that have been awarded Uruguay Round II licences, British Gas, Ireland’s Tullow, British Petroleum and Total.

“We met with people from BG in London, Total in Paris and Tullow Oil in Dublin and that is when Total told us about of their intention of drilling a first well in early 2015”, said Gomez following a round of visits at the end of June and early July.

BG holds licences for blocks 8, 9 and 13; BP in blocks 6, 11 and 12 while Tullow and Total hold one each in blocks 15 and 14.

“The visits were part of the normal monitoring process and exchange of information on the surveys and other data collected during the first year”, pointed out Gomez who said the meeting with BP will take place in the near future.

He added that the exploratory well is expected to demand an investment in the range of 200 million dollars and will be drilled to approximately 3.200 metres in waters 2.500 metres deep.

According to contract Total is the only company committed to drill a well in the first three year exploratory leg (2012/2015) while in the second leg, 2015/2017, all companies with licences must complete at least one drilling in each of the blocks they have.

“It’s a process that takes time: they need to bring together all the equipment, materials and logistics for the exploratory well, to decide precisely where to spud, so it’s only normal that they should be working on the project”, said Hector de Santa Ana head of Ancap’s Exploration and Production Department.

“In the period beginning 2015 is when we will really have a good knowledge of what lies off shore. If nature is on our side we could be making the first discovery, but it all boils down to stats, it’s not the same one well than several wells”, indicated Santa Ana.

Nevertheless whatever the results Ancap will always benefit since the company is not advancing money previous to finding oil or gas, “although if successful the companies that took the risk will recover their investments”.

Likewise if oil is found Ancap has a share or percentage in each of the wells.

Furthermore by 2017 Uruguay will have an in depth survey and data on the geological aspects of its continental platform as never before, “including of all life on the sea bed and below”, which is significantly enriching.

Finally Gomez said that what was really encouraging is that “all companies were fully committed to the terms of the licences and their interest in continuing and expanding their gathering of data on the continental shelf and prospects”.

Total is France’s leading corporation in the Paris stock exchange with an annual turnover of more than 180 billion dollars. At global level it ranks fourth in the private oil and gas business.
 

Top Comments

Disclaimer & comment rules
  • txiki

    But isn't this oil on Argentina's continental shelf, and therefore her?

    Jul 16th, 2013 - 08:22 pm 0
  • Livin_for_a_better_Uruguay

    @1, It's weird, Cristina has started saying “oh, Artigas wanted Uruguay to be Argentinean, so therefore Uruguay should be in Argentina.” before oil exploration has started in Uruguay. Soon, just like in the Falklands, she'll be presenting “evidence” that Uruguay is Argentinean and that we're exploiting Argentinas resources.

    Jul 17th, 2013 - 02:26 am 0
  • lsolde

    @2,
    CFK is as nutty as a fruit cake.
    l'm surprised that she hasn't claimed the whole Atlantic Ocean.

    Jul 17th, 2013 - 10:47 am 0
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