|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Uruguay

Uruguay Signs Offshore Oil Deals with British, French Companies

MONTEVIDEO – The Uruguayan government on Friday signed a series of offshore exploration and production deals with British oil firms BG Group, BP plc and Tullow Oil and France’s Total.

The contracts were presented to the media in a ceremony presided over by Energy Minister Roberto Kreimerman and the CEO of state oil company Ancap, Raul Sendic, and attended by the heads of the respective foreign oil firms.

“This is a day to celebrate the progress of our energy policy in general and Ancap’s policy in the search for the sovereign resources this country has,” Kreimerman said, adding that the agreements are a milestone in the country’s history.

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.

The contracts, the terms of which are extendable for an additional 10 years, are part of the Uruguayan government’s plan to diversify the national energy matrix and reduce its dependence on fuel imports, Kreimerman said.

Sendic said the signing of the contracts for the eight offshore blocks marked a “historic day” for this nation of 3 million inhabitants and hailed the strong interest in the auction.

“It’s difficult in a risky basin (for investors) like the Uruguay II Platform for there to be such a high level of interest by companies,” he said.

A score of companies submitted bids to explore for oil and natural gas in Uruguay’s territorial waters.

If hydrocarbons are discovered, Uruguay could partner with the successful bidders to develop the areas by taking stakes in the blocks ranging from 22 percent to 35 percent.

The Uruguay Round II was launched in September 2011 after exploration carried out by Ancap revealed traces of hydrocarbons in the marine subsoil.

A total of 15 blocks were on offer in the auction covering a 101,000-sq.-kilometer (39,000-sq.-mile) area.

In an earlier bidding process, the Uruguayan government awarded two offshore exploration and production blocks to an international consortium made up of Argentina’s YPF, Brazil’s Petrobras and Portugal’s Galp Energia.

Uruguay imports all of the oil it consumes, mainly from Venezuela – which supplies 40 percent of the total – Angola and Russia. EFE


 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2015 © All rights reserved