“As political and policy volatility becomes a feature of the operating landscape, even private companies with a high risk appetite could be facing binding constraints when seeking to invest in Vaca Muerta and offshore plays,” the analyst said.
TGS has won a contract with Uruguay to carry out a well data program for exploration wells in the country.
Statoil has signed a farm-in agreement with Tullow to acquire a 35% interest in an exploration block offshore Uruguay.
British oil major BP has halted its deepwater exploration activities off Uruguay as it prioritizes lower-risk projects at a time of low international prices, an official at Uruguay's state-owned oil company Ancap said on Monday. BP confirmed its exit from the South American country, three years after it won rights to explore blocks 11 and 12 in Uruguay's Pelotas basin and block 6 in the Punta del Este basin. The acreage covers an area of almost 26,000 square kilometers in waters ranging from 50 to 2,000 meters deep. "BP has other exploration projects in other parts of the world that are lower risk. In today's environment, there is a limit to investments," said Hector de Santa Ana, head of Exploration and Production at Ancap.
EMGS (Electromagnetic Geoservices) has been awarded a $27million contract by BG Group for data acquisition work in Uruguay. The work is expected to begin next week using the vessel EM Leader and will last around three months.