Open Uruguay Round – Offshore Frontier Exploration Opportunities
Uruguay – ANCAP
Wednesday, 17 February 2021, 12:00 p.m.–1:00 p.m. | London, England
The Uruguayan National Oil Company (ANCAP) and the Uruguayan Government have approved a Regime for the Selection of Oil Operating Companies for the Exploration and Exploitation of Hydrocarbons in onshore and offshore areas of República Oriental del Uruguay: Open Uruguay Round.
Given the interest shown by the upstream industry, in addition to the present existence of a vast geological and geophysical database, ANCAP understood it was convenient to review the system for awarding areas for the exploration of hydrocarbons, in order to make it more competitive with regards to the fiscal regime offered in other frontier exploration destinations; being able to continue attracting the risk capital from oil companies and increasing the knowledge of the prospective resources lying in Uruguayan sedimentary basins.
This Open Uruguay Round system accomplishes with the most valued factors by oil companies at the moment of participating in a bidding round: transparency in the process of decision making, previously available database and a clear and predictable schedule; and it has proven to be successful given by the fact that since it has been in place ANCAP has already received 3 offers.
Open Uruguay Round is an excellent opportunity to acquire a frontier opportunity asset with extremely low exploratory program requirements (up to 6 years without well commitment), very good bidding round terms and a sound and fair contract model.
Santiago Ferro M. Ing., Jefe de Administración y Contratos
Pablo Gristo MSc. Petroleum Eng., Jefe de Geociencias, Gerencia Exploración y Producción
London AAPG Region Office
City of London