30/10/2024
On October 28th Chevron farmed-in Area OFF-1, becoming the Operator within the framework of the hydrocarbon exploration and exploitation contract in force. Thus, the company will have a 60% participation, leaving Chellenger Energy Group (CEG) as a non-operator partner, with 40%.
The contract for Area OFF-1 was signed with CEG in 2022, and to date the company has completed the committed exploratory work, which consisted of carrying out evaluation of petroleum geology and evaluation of prospective resources reports, as well as licensing, reprocessing and interpretation of 2000 km of 2D Seismic.
With the entry of Chevron, value will be added to the contract area with additional exploratory work that largely exceeds the commitments established originally in the Contract. Additionally, this event continues consolidating the interest of the international petroleum industry in Uruguay's offshore hydrocarbons’ potential.
