BP, BG, Total, Tullow awarded blocks offshore Uruguay

MONTEVIDEO, Uruguay -- ANCAP received 19 offers for offshore oil exploration and production in 8 of the 15 offered blocks, by 9 of the 11 oil companies qualified for the bidding process. There was competition between three or more companies in 5 of the blocks offered. More than 50 percent of the area from the bidding process will develop exploration works by the four new companies (the British companies BP and BG, the French company Total and the Irish company Tullow Oil) that adds to the work already being done by Petrobras, YPF, and GALP in the Uruguayan offshore.
Blocks from the three Uruguayan offshore basins were awarded: the basins named Oriental del Plata, Punta del Este and Pelotas, this last who received particular interest from the oil companies.
After the assessment of the winning bids and the approval of the Uruguayan government ANCAP will sign the contracts with the winning companies with a deadline of September 2012.