Uruguay: International Crude Oil Exploration Round Closed

Montevideo, Sep 10. -Uruguayan authorities expressed their satisfaction for the closure of the development of the 2nd Uruguay Round on Exploration and Production of Crude Oil (offshore) concluded in this capital.Raul Sendic, president of Uruguayan state oil company ANCAP congratulated Friday the companies having trusted in the convoking made by ANCAP in the closing activity, saying that times are quite valuable in the oil industry.

"We believe we have started a process in this second search cycle, which will be tremendously promising for the country, the investments and the assessment of the oil basins in South America," Sendic said.

In an interview with Prensa Latina, Sendic commented the results are starting to be seen, since seismic information sale was concreted, for the value of 9 million dollars.

"There are associations trusting in the reports, to take them and analyze them," Sendic commented. "I hope we can end some of the blocks in the middle of next year. I feel satisfied and I expect we can start to have the first findings of gas and oil in a short time."

"In the assessment and better knowledge of the geological basins, the work has to be permanent. ANCAP should be channelling its steps on the culture of oil exploration," he added.

Besides oil companies, there were service, consulting, shipping, technical companies and financial institutions, among others.

The 2nd Uruguay Round finished this weekend but the local authorities opened a time limit up to March 2012 to receive offers. The winning proposal will be defined and chosen in September 2012. (Prensa Latina)