As farm-out process for block off Uruguay kicks off, multiple oil players show ‘strong’ interest

Challenger Energy Group, the Isle of Man-headquartered oil and gas company focused on the Caribbean and Americas, has started a farm-out process for a shallow water exploration block located offshore Uruguay, which has already attracted attention from several oil companies.

Challenger Energy was awarded the AREA OFF-1 block in May 2020 by Uruguay’s state-owned oil and gas company ANCAP. This licence area, and the broader offshore Uruguay play system, are analogous to offshore Namibia, where recent prolific, conjugate margin discoveries were made by TotalEnergies (Venus-1 oil discovery) and Shell (Graff-1 oil discovery), and where reported multi-billion-barrel Cretaceous turbidite reservoirs have been encountered.

Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.

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