Auspicious result in Ronda Uruguay 2009 process

Nov 30, 2009 01:00 AM

ANCAP approved and sent to the Executive Power a proposal of Decree and Contract regarding exploration and exploitation of hydrocarbon in offshore Uruguay, awarding 2 blocks to the consortium composed of companies YPF-Petrobras.
This is the result of a process started by this Administration named "Ronda Uruguay 2009" ending -- after the new 2D seismic survey acquired and processed -- with a proposal of huge and strategic importance for the country regarding fulfilling an objective which implies advancing systematically on the exploration in Uruguay.

This Shared Production Contract, in which the contractor assume all the activity's risks and costs, states an 8 years period of exploration with 3 exploration sub-periods.
-- 1st exploration sub-period: 4 years
-- 2nd exploration sub-period: 2 years
-- 3rd exploration sub-period: 2 years

To move from the 1st to the 2nd exploration sub-period, the contractor should commit to execute two exploration drillings. To move from the 2nd tothe 3rd exploration sub-period the contractor should commit to execute two more wells.
In case of making a discovery and if this is declared commercial it will be followed by an exploration period.

Areas awarded were block 3 (in which YPF will be the operator) and block 4 in which operator will be Petrobras.
Distance details are:
Distance to Montevideo (km) -- Distance to Punta del Este (km)
Block 3 -- nearest point -- 310 -- 260
Block 3 -- medium point -- 420 -- 340
Block 4 -- nearest point -- 220 -- 160
Block 4 -- medium point -- 290 -- 210

A new option for diversification of the energetic matrix opens, meaning an important decrease of the cost of energy in the future.

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