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  HOME | Uruguay

Uruguay Aims to Woo Oil Majors for Offshore Prospects

MONTEVIDEO – Uruguay will seek to reach seismic-surveying and crude-prospecting deals with the world’s leading global energy companies in hopes oil can be found in offshore areas up to 3,500 meters (11,475 feet) deep, state-owned company Ancap said Tuesday.

Uruguay’s third offshore round is to begin in early 2015 and aims to attract interest from companies with the deep pockets and technology to undertake the work, Ancap executive Santiago Cerro told Efe.

Uruguay plans to sell these multinational firms on that offshore region’s potential in a road show that will include presentations in Houston, London, Rio de Janeiro and an Asian city to be determined.

Ancap is targeting the oil industry’s leading multinational companies because the drilling work will be conducted in ultra-deep waters and require the use of the latest exploration technology, Cerro said.

Companies must first demonstrate that they have the technical, financial and legal capacity to undertake the work and must present an exploratory plan before they can become eligible to participate in the bidding process, known as Ronda Uruguay III.

The companies will be rated on a point system based on the profits the government expects it would obtain from an eventual contract.

Should an exploratory drilling program lead to oil reserves being discovered and developed, the Uruguayan government would receive a percentage of the company’s declared profits on those deposits and tax revenues, as well as income based on Ancap’s stake in oil-producing blocks.

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