Uruguay Round III - Exploration Update and Opportunities
Category : IAPGH Annual Meeting
Venue - DoubleTree Houston Greenway Plaza Hotel
Uruguay is pleased to offer the international E&P community another opportunity to participate in its offshore. Uruguay Round II was considered a world class success: it enjoyed the participation of top international oil companies; these companies committed > US$1 billion of investment to explore Uruguay’s frontier basins; ~ 40,000 Km2 of 3D seismic was acquired between 2012 and 2014; and a well is scheduled to spud in March in record-setting water depth (>3400m).
Round III is supported by several pillars:
• Continuous synergy among ANCAP and the top operators of the upstream industry, both E&P and service companies;
• The facilitating role of ANCAP, acting as a link among operators in Uruguay and other State institutions related to the activity;
• Priority of farm outs / farm ins vs a new bidding round in the past years;
• Flexibility of ANCAP and the Executive Branch, extending the exploration period of all the contracts in force offshore Uruguay, due to the downturn in the oil industry;
• New bidding round announced with a < 30US$/bbl oil, with very convenient requirements for oil companies to participate.
Through ANCAP’s consistent and continuous effort, Uruguay has implemented innovative tendencies and guidelines for hydrocarbons exploration in offshore basins of the South Atlantic.
Start Date :
2016-02-18 1:30 PM
End Date & Time :
2017-02-18 3:30 PM
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