Companies from China and India are showing interest in Uruguay's first offshore licensing round, administered by national oil company Ancap and due for completion next June.
Ancap will offer 11 blocks covering areas ranging from 4000 to 8000 square kilometres each, with water depths ranging from 50 metres to 1450 metres, said company exploration and production manager Hector de Santa Ana. Blocks will be awarded under production sharing agreements, with no obligation to pay royalties or sign bonuses for the contracts, Santa Ana added. The round will be launched at a seminar in Montevideo from 1 to 3 December. An Ancap spokesman said: "We will not bid for the blocks but simply play the role of organiser.” Later on, we will be able to participate if the companies wish to have us as partners." In addition to interest from China and India, the round has also attracted the attention of major players such as Repsol YPF, Hess, Devon Energy, Shell, Chevron, ExxonMobil, Hunt and Noble. Ancap has shot 10,000 kilo-metres of 2D seismic as a preliminary step for its first round.
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