On November 7th, 2011 at 8.30AM, at the Canning House in London, ANCAP presented the Uruguay Round II of its offshore oil exploration and production bidding process. What was seen by the ANCAP team as a successful meeting, more than 30 executives from the oil industry and related service companies were present to know more in detail the Uruguay Round. In addition, during November 7-8, the Uruguayan national oil company ANCAP is offering Data Rooms to several of the interested companies, also in Canning House. The Uruguayan delegation was integrated by the national Ambassador Julio Moreira, the ANCAP E&P manager Hector de Santa Ana, the Institutional Relations manager Susana Perez Manzione, the Legal Services manager Leonardo Bianchi, the E&P Administration and Contracts head Santiago Ferro, and several members of the ANCAP E&P, Law and Communications divisions. The ANCAP team presented the exploratory potential offshore Uruguay and general bidding terms of the Uruguay Round II, to show exploration opportunities in Uruguay to the upstream industry.

The Road Show satisfied the expectations of the ANCAP team, as a number of relevant companies covered the Road Show and asked for individual data rooms. Some of the companies also were interested in buying the package of 2D seismic information of Uruguayan basins. These studies have been already sold to interested companies for around 15 million dollars worth (seismic information obtained through ANCAP multi-client contract with CGGVeritas). For ANCAP managers this is an indicator of the attractiveness of the Uruguay Round II for the oil sector.

Several of the main world companies participated at the Road Show in London, as TOTAL, BP, BG Group, Tullow Oil, Statoil, Panoro Energy, Premier Oil Cairn Energy and Lukoil. The meeting was also of the interest for specialized press and services companies, as, inter alia, IHS, Spectrum, and FUGRO.

The oil companies to participate in the bidding process must qualify no later than half February for presentation of offers. The opening of bids will be at the end of March 2012.

Tags: ANCAP