BP today confirmed that it has signed production sharing contracts for three deepwater exploration blocks offshore Uruguay. The signing of the contracts in Montevideo today completes the award of the blocks, for which BP was the successful bidder in Uruguay’s second offshore licensing round in March 2012.
The contracts cover blocks 11 and 12 in the Pelotas basin and block 6 in the Punta del Este basin. The blocks, which together cover an area of almost 26,000 square kilometres, are located approximately 50-100 kilometres off the Uruguayan coast, southeast of Montevideo, in water depths ranging from 50 to 2000 metres. BP will hold a 100 per cent interest in the blocks and the Uruguayan state oil company, ANCAP, will have a right to participate of up to 30 per cent in any discoveries.