Uruguay Oil Exploration in Seas
Companies are encouraged to search for oil after evidence of likely reserves in Uruguay’s offshore waters.
Uruguay’s state-owned company oil company (ANCAP) is hosting biannual bidding rounds for oil exploration within Uruguay’s territorial waters. The Uruguayan coast shares the same geologic history with Namibia and the recent discovery of light oil and gas reserves in the Namibia’s sub-basin increased interest in South American offshore oil exploration.
Since May 2022, Uruguay’s OFF-1 region has been studied and is generating information about future opportunities. Specifically, the geologic features of the region are similar to those of Namibia. Other nearby offshore blocks have been recently awarded to two separate international companies (OFF-2, OFF-6 and OFF-7).
Companies interested in oil exploration and potential extraction are invited to bid in the next round which closes in November 2022.
ANCAP has stated that oil and gas exploration investments in offshore blocks should ideally support their future plans to develop offshore wind power to be used in green hydrogen production.
For further information please contact U.S Commercial Service/U.S. Department of Commerce in Uruguay at Office.Montevideo@trade.gov.