The National Administration of Fuels, Alcohol and Portland (Ancap) is set to agree final terms for a record seven offshore exploration licenses next month, in proposals that have attracted the attention of global players such as Shelland they have planned investments of up to 200 million dollars.
So far, it has not been found Petroleum either gas in Uruguayan waters, but the licenses have sparked tentative interest among large energy companies, as recent discoveries in Namibia, on the opposite side of the Atlantic, raised hopes of similar findings off South America.
For its part, the British Challenger Energy obtained two of the seven licenses in Uruguay, following failed exploration projects in the Bahamas and Trinidad and Tobago. The executive director of Challenger, Eytan Uliel, told Reuters from London that the Uruguayan government was “extremely committed and willing to support”, although he warned that things were “in the early stages”. The discoveries in Namibia, however, increased the chances of finding oil, the CEO said.
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.
