Maersk to spud Uruguay’s first offshore well
Uruguay Total partnered with ExxonMobil after the US company acquired a 35-percent stake in the block in November. The two companies will invest $200 million in the operation, marking a new period in oil exploration in the South American country.
A major oil discovery would be welcomed by the Uruguayans, as the nation imports all of its crude and natural gas needs. The country paid more than $1.7 billion for imports in 2014.
The low oil price environment led to a shrink in exploration budgets in many oil companies, with expensive deep offshore projects first to go. Total, however, said in a press release from 2012 that Block 14, which ranges between 2,000 and 3,600 metres in depth, was especially promising.
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