Despite all the international difficulties for investments in new areas for oil exploration, the oil giant PETROBRAS, YPF and GALP formed a consortium to present E&P bids for two of the most promising blocks of the Uruguayan offshore. This historical step for the offshore oil exploration in Uruguay raises the hope to get energy independence and with it a sensible reduction in the future for energy costs.
The consortium is formed by PETROBRAS and YPF with a share of 40% each, and GALP with the remaining 20% of the partnership.
The blocks involved in the offers are the areas 3 and 4. The first area have a extension of 5,500 km2 and a water depth between 100 and 2,000 meters, and the second area covers a surface of 3,000 km2 and a water depth between 50 and 200 meters. Both blocks are located in the Punta del Este basin, not less than 110 km off the Uruguayan coast.
The investments for each block, if the offers are accepted by the Uruguayan government, only for exploration activities, will vary from tens to hundreds millions dollars according to the technologies applied. During the first four years the works will be directed to improve the knowledge of the areas through the application of new seismic studies.
A period of 180 days now begins for the analysis of the received offers by Ancap, the governmental oil company acting on behalf of the Uruguayan government in the offers evaluation and advice on the decision to be taken.
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