The contracts cover block 6 in the Punta del Este basin and blocks 11 and 12 in the Pelotas basin. Altogether, the blocks cover an area of nearly 26,000 square kilometers and are located approximately 50-100 kilometres off the coast of Uruguay, southeast of Montevideo. The blocks are positioned in waters ranging from 50 to 2000 meters in depth. BP’s interest in the blocks will be 100 per cent and ANCAP will have a right to participate in up to 30 per cent of any discoveries. ANCAP is the Uruguayan state oil company.
“This is a material entry into an under-explored deepwater basin on the Atlantic margin. We look forward to working with ANCAP and the Uruguayan authorities to explore this large area and understand the potential of these blocks,” said BP Executive Vice President of Exploration, Mike Daly.
BP will carry out 2D and 3D seismic acquisition on the blocks during the initial three-year exploration phase of the contracts. The work is expected to begin in 2013.