Petrobras, YPF, Petrogral to explore Uruguayan continental shelf

Offshore staff

MONTEVIDEO, Uruguay -- Petrobras, YPF, and Petrogal (Galp Energia) have signed an agreement with Ancap, the Uruguayan national oil company, for oil and natural gas exploration and production on the Uruguayan continental shelf.

The document completes the bidding process for blocks 3 and 4 in the South-Southeastern region of the Punta del Este basin. Block 3 is 300 km (186 mi) off the coast at depths ranging from 200 to 1,500 m (656 to 4,921 ft). Block 4 is 150 km (93 mi) off the coast at a depth of 100 to 200 m (328 to 656 ft).

Petrobras will operat block 4 (40%); YPF will hold 40%, and Petrogal 20%. In block 3, YPF is operator with 40% interest; Petrobras holds 40% interest, and Petrogal holds the remaining 20%.

The companies have four years to evaluate seismic data and to make a decision on drilling. In the tender, the companies committed to 2D seismic acquisition and existing data reprocessing.

02/10/2010