The Uruguayan offshore platform continues to advance its global positioning and increase its economic value as the Irish firm Tullow Oil, which is currently conducting exploration work in Block 15 of the Uruguayan offshore platform, sold 30% of its stake in its exploration contract to leading Japanese oil company Inpex.
The Uruguayan government has signed offshore exploration and production deals with British oil firms BG Group, BP plc, Ireland’s Tullow Oil and France's Total. The companies awarded 30-year concession contracts in April for the eight oil blocks - three each for BG and BP and one each for Tullow and Total - have committed to investing a total of roughly 1.56 billion dollars.
France’s Total has been awarded an exploration licence for block 14 offshore Uruguay, following a second bid round staged by state-owned company ANCAP. Confirmation of the award is subject to further approval by Uruguayan authorities.
UK’s BP, BG Group, London-based Tullow Oil and French oil major Total were awarded a total of eight offshore blocks in an Uruguayan bidding round and will invest 1.56 billion dollars in exploration of those areas, state energy company Ancap announced.
Nine oil and gas companies have submitted 19 bids to explore for hydrocarbons off the coast of Uruguay, the state energy company Ancap said on Thursday.
Uruguay’s hydrocarbons refining company Ancap signed on Tuesday an agreement with US company Schuepbach Energy to begin exploration for oil and gas in the north and centre of the country.
Uruguay’s oil and gas refining corporation, Ancap, reported it has sold seismic data on the country’s continental shelf hydrocarbons potential for the value of 20 million dollars which more than covers the costs involved in the several surveying operations.
At least ten first line oil and gas corporations expressed interest in the road show set up by Uruguay in Houston to promote hydrocarbons exploration on its continental shelf, according to one of the Directors of the country’s fuels company Ancap.
The chances for Uruguay of having significant commercial reserves of natural gas and oil are on the increase according to recent reports from US Energy and Geology agencies and published in the Montevideo press.
Uruguay's government oil corporation Ancap has received expressions of interest from at least 10 foreign companies for 15 offshore oil and gas exploration blocks it is offering in its second licensing round, a company official said in Geneva.