Challenger Energy takes Uruguay block, Chevron farms in
Uruguay
MONTEVIDEO, March 11, 2024 – Challenger Energy has acquired a block offshore Uruguay, with Chevron farming in for 60%, the UK company announced on Monday.
The companies’ local subsidiaries, Chevron Uruguay Exploration and CEG Uruguay, will partner on AREA OFF-1, a shallow-water asset lying around 100 kilometres off the Uruguayan coast and covering a sizeable 13,252 square kilometres.
Chevron will operate the block, while Challenger will retain a 40% non-operating interest.
Uruguay has “fast become one of the world’s frontier exploration hotspots,” Challenger CEO Eytan Uliel said.
The block’s exploration period will run for four years beginning in June 2024. It was won by Challenger via the country’s open round process.
UK-headquartered Challenger Energy is a Caribbean- and Americas-focused E&P player.
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