Uruguay is calling for bids on 17 areas in three offshore basins offered in the country’s Round 3. According to Uruguayan National Oil Co. (ANCAP) and the Ministry of Industry, Energy, and Mining (MIEM), bathymetries range from 50-4,000 m of water.
Areas will be divided in Types I, II, and III according to water depth. The government’s latest round will have 8-year exploration periods for areas Types I and II. Deepwater areas, Type III, will feature a 10-year exploration period. Contract terms are 30 years, including the exploration period, and can be extended an additional 10 years.
Uruguay Round 3 will make official announcements in Houston on Sept. 18 and in London on Oct. 20. Bidding round terms and the contract model for Uruguay’s Round 3 will be like the country’s Round II, but with less rigorous requirements regarding the oil company qualification with regards to the required exploratory program for each area, ANCAP said.
The deadline for qualifying submissions is Apr. 6, 2018 and the opening of offers is Apr. 26.
Contact Tayvis Dunnahoe at [email protected].