Uruguay to review offers for two blocks

07/20/2009
Uruguay’s Ancap has 180 days to review bids made for two offshore blocks in the country’s first licensing round.Both of the blocks that drew bids are in the Punta del Este basin. Uruguay has no hydrocarbon production, and Argentina has none in this part of the Atlantic Ocean.Brazil’s Petroleo Brasileiro SA, YPF SA, and Portugal’s GALP Energia formed a group that bid for areas 3 and 4.Area 3 covers 5,500 sq km in 100-2,000 m of water 150-300 miles off Montevideo, and Area 4 covers 3,000 sq km in 50-200 m of water 125-150 miles off Montevideo. Area 3 borders Argentina waters, and Area 4 is north of Area 3.Interests are Petrobras and YPF 40% each and GALP Energia 20%....
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