Offshore oil and gas block awarded in Uruguay

Uruguay

MONTEVIDEO, July 3, 2023 – Challenger Energy Group has officially been awarded the licence for the offshore AREA OFF-3 block in Uruguay, the oil independent announced on Monday.

While the deal for a four-year exploration licence has been approved by regulatory authority ANCAP, Challenger Energy Group still needs to confirm remaining approvals and finalise documentation. The process is expected to take three to four weeks.

The 13,300-square-kilometre AREA OFF-3 licence is located in shallow waters and comes with existing 2D and 3D seismic coverage.

The concession is expected to contain up to 500 million boe and up to 255 bcm (9 tcf) of gas.

Challenger Energy Group was awarded the AREA OFF-1 licence in May 2022.

With the new deal, the company will be the second largest offshore acreage holder in Uruguay behind Shell.