Challenger's operations in Trinidad
Challenger banks on Uruguayan frontier
The independent is poised to benefit from the new wave of interest in Uruguayan acreage
Uruguay has “all of the technical merits but none of the issues”, says Eytan Uliel, CEO of AIM-listed independent Challenger Energy. The frontier country “has, in a short space of time, become a focal point of the whole business”, Uliel says, adding there is significant potential for “value uplift” there. Challenger was the only applicant when it opted to bid for a Uruguayan licence in May 2020, but the block “was very big, offshore and in shallow water”, with historic, 2D seismic data available. “No one had really paid much attention to it” he adds. It was two years before Uruguay’s president formally approved the licence—which therefore started in August this year—but during that time the
Also in this section
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
