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BP has signed production-sharing contracts for three deepwater exploration blocks offshore Uruguay, according to a news release. The move completes the award of the blocks, for which BP was the successful bidder in Uruguay’s second offshore licensing round in March 2012.
The contracts cover blocks 11 and 12 in the Pelotas basin and block 6 in the Punta del Este basin. The blocks, which together cover an area of almost 26,000 sq km (10,038 sq miles), are located approximately 50 km (31 miles) to 100 km (62 miles) off the Uruguayan coast, southeast of Montevideo, in water depths ranging from 50 m (164 ft) to 2,000 m (6,562 ft), the news release stated. BP will hold a 100% interest in the blocks and the Uruguayan state oil company, ANCAP, will have a right to participate of up to 30% in any discoveries.
BP will carry out 2D and 3D seismic acquisition on the blocks during the initial three-year exploration phase of the contracts, according to the release. This work is expected to begin next year.