Yacimientos Petrolíferos Fiscales (YPF) signed a contract with Administración Nacional de Combustibles, Alcoholes y Portlandfor (ANCAP) for onshore oil prospection.
The minimum prospection program covers: geochemical research; petrographic and petrophysical research; reprocessing of 500 km of 2D seismic lines; reinterpretation of electric profiles; and geochemical prospection.
Under the contract YPF will have the right of exclusivity for prospection activities in the area. The contract has an initial period of one year for the fulfillment of the minimum prospection program that could be extended by one more year. The company will assume all risks and costs generated by the operations during the phase of prospection.
The contract operates over an area of around 10,000 sq km covering Artigas, Salto, Tacuarembo and Rivera provinces, Uruguay.