Uruguay Data Agreements With Service Companies
Multiclient speculative agreements are those in which service companies (in particular seismic and geophysical acquisition providers) invest at their own risk on data which would potentially be licensed by many oil companies.
ANCAP has been using this kind of agreement with many of the most important services companies in the oil industry (RobertsonCGG, ION, PGS, Spectrum, Schlumberger, TGS, AGI, EMGS y ABI Holdings Limited, amongst others) which has contributed with important revenues for ANCAP, the generation of new exploratory data and constant promotion of exploratory opportunities in Uruguay.
The number of contracts signed between ANCAP and service companies has increased dramatically in the last few years with conditions more favorable for the Uruguayan NOC:
*No data acquired by May 2019
**Project not commenced by May 2019
It is important to point out that these agreements are non-exclusive, all the risks and costs of the survey are taken by the service company, ANCAP is the owner of the data, and ANCAP obtains a share of the revenues for the licenses sold of such data. In return, the service company has the exclusive right to market the data for a given period of time.
In addition, these service companies have very skilled marketing resources and excellent performance in promotion, which adds value for ANCAP in the sense that while the service companies are promoting their data, they are also promoting exploratory opportunities in Uruguay.
In conclusion, multiclient agreements have helped and have constituted a wonderful tool for ANCAP to significantly increase the data of Uruguayan basins, with the added value of revenues for ANCAP and worldwide promotion of exploratory opportunities in Uruguay.