International firms compete for Uruguayan blocks
The country’s frontier upstream continues to attract interest
Uruguayan regulator Ancap awarded two more offshore blocks at the end of 2022. A consortium comprising Shell and US independent APA (formerly Apache) secured the OFF-4 block, ahead of a bid from YPF—although the Argentine NOC did secure OFF-5. The Shell-APA joint venture has committed to carrying out extensive work on OFF-4, including 3D seismic acquisition, within its initial four-year exploration licence period. Similarly, YPF has four years to carry out a technical work programme on OFF-5. 6 – Blocks awarded in 2022 Earlier in 2022, AIM-listed independent Challenger was awarded OFF-1—which is adjacent to the OFF-4 block—while Shell took blocks OFF-2 and OFF-7, and APA secured OFF-
Also in this section
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources