After the successful meetings in Houston and London, on November 22nd, 2011 at the Sheraton Rio, Rio de Janeiro, ANCAP will present the Uruguay Round II of its offshore oil exploration and production bidding process. In addition, the Uruguayan national oil company ANCAP will be offering Data Rooms for interested companies during November 22 and 23, 2011, in the same place. ANCAP hopes to reach a relevant number of first level oil companies, as Rio de Janeiro is today one of the most dynamic industry centers for oil exploration and exploitation. The Uruguayan delegation will be comprised by members of the ANCAP Directors Board, and main ANCAP legal and E&P managers. The ANCAP E&P Division’ technical staff, headed by Ethel Morales, will make a presentation of the exploratory potential offshore Uruguay and general bidding terms of the Uruguay Round II.

The key topics to be covered at the Road Show are the following: - Geology, tectonic and stratigraphic evolution of the offshore Uruguayan basins. - Petroleum systems and models. - Direct and indirect hydrocarbons indicators. - Leads and Prospects. - Analogies with neighboring producing basins. - Bidding round terms. - Model contract - Business environment and investment promotion regime in Uruguay

Several companies already participated at the Road Shows of ANCAP in Houston and London, as Anadarko, Apache, Exxon Mobil, Shell, BHP Billiton, Conoco Phillips, Chevron, Noble Energy, Tullow Oil, Marathon Oil, Murphy Oil, Repsol, TOTAL, BP, BG Group, Statoil, and Lukoil, what is showing the great interest of the oil industry on the Uruguay offshore exploration potential.

On November 22 and 23 the technical team of ANCAP will be available for data rooms with companies interested in taking a look at the Uruguayan offshore database on a workstation (more than 30.000Km of 2D seismic, gravimetric and magnetometric data and the well logs and reports of the only two wells drilled offshore Uruguay). Uruguayan offshore seismic studies already sold to interested companies reach an amount of around U$S 20 million dollars.

In 2009 ANCAP, the National Oil Company, successfully launched the Uruguay Round 2009, for the awarding of exploration and exploitation areas offshore Uruguay, signing two contracts for two areas with a consortium formed by Petrobras, YPF and GALP. With the aim to continue offering to the upstream industry exploration opportunities in Uruguay, ANCAP recently launched the Uruguay Round II on September 8, 2011.

Tags: ANCAP