Uruguay's state oil company Ancap will offer 11 blocks in the offshore bidding round that starts in December this year, company E&P director Héctor de Santa Ana Álvarez told BNamericas at the INGEPET oil and gas conference in Lima.
The blocks are in water depths of 50-1,450m and cover 4,000-8,000km2 each, he said, displaying a draft map of the blocks to be offered.
Ancap, which will not compete in the round, will hold the auction on July 1 next year. Companies will not have to pay royalties or sign bonuses for the E&P contracts and can invite Ancap to participate if they wish, the official said.
Ancap has been holding road shows in Asia, Europe and the Americas to drum up interest in the round, presenting details to majors such as Hess (NYSE: AHC), CNPC of China, Devon (NYSE: DVN) and Repsol YPF (NYSE: REP), which has purchased seismic data on the blocks.
The Uruguayan company aims to hold the rounds once a year and does not plan to compete for blocks in future auctions.
Uruguay's government earlier this year announced it had identified more than a dozen prospective offshore natural gas areas that each could boast 1T-3Tf3 (up to 85Bm3) of gas.
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