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Uruguay looks to energy independence
London (UPI) Jul 21, 2009 The planned start of offshore exploration for oil in Uruguay has raised prospects for energy independence in the Latin American country, industry sources said Tuesday. Tens of millions of dollars of investment, expected to flow into Uruguay as a result of YPF Argentina's winning bid for exploration in the maritime zone, could also contribute to economic regeneration, said the sources. Earlier this month YPF, the Argentine subsidiary of Spanish oil company Repsol SA, announced that it won the bid for the start of "outer coast" exploration for oil and gas resources in the Uruguay maritime area. YPF has a 40 percent stake in the exploration and shares the other 40 percent with Petrobras Uruguay, a unit of the Brazilian oil giant Brazil's Petroleo Brasileiro SA, and Portugal's GALP, which has a 20 percent share in the consortium. According to announced arrangements, YPF will operate the deep-water "exploratory block 3" while Petrobras will operate the shallow-water "exploratory block 4," both located along the coast of Punta del Este, said the sources. Additionally, YPF will act as the lead operator of the exploration project. Industry sources cited the advance in the longstanding exploration project as a positive development both for Uruguay and its oil industry and for the international oil market, which has seen fluctuations in the oil price. YPF did not reveal the extent of the consortium's planned investment in offshore exploration, but the high level of participation from other major Latin American players and the strategic partnership implied in the consortium's makeup indicated large-scale cash inflows were planned. This is the second Repsol YPF partnership announced in recent weeks and focused on oil exploration in South America. Earlier YPF said that a consortium led by Repsol YPF would explore for oil in international waters between Argentina and the Falkland Islands. That consortium includes Petrobras and British Petroleum-controlled Pan American Energy. An investment of $98 million is slated for that project, which will begin next year. Share This Article With Planet Earth
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