BP to relinquish three offshore blocks in Uruguay

BP to relinquish three offshore blocks in Uruguay

BP confirmed its exit from the South American country, three years after it won rights to explore Blocks 11 and 12 in Uruguay’s Pelotas basin and Block 6 in the Punta del Este basin. The acreage covers an area of almost 26,000 sq kms in waters ranging from 50 to 2,000 meters deep.

‘BP has other exploration projects in other parts of the world that are lower risk. In today’s environment, there is a limit to investments,’ Hector de Santa Ana, head of Exploration and Production at Ancap, told Reuters.

He said BP would give control of the three blocks to Ancap in October.

Source: Media

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