Open Uruguay Round: strategy to overcome the challenges of frontier exploration

Abstract

Uruguayan geological basins imply a high exploratory risk and therefore present a frontier status. However, Latin America and West Africa are the regions in which exploratory activity has seen a remarkable increment, with major discoveries and significant investment in the last decade, and plenty of E&P opportunities nowadays. Within this context, The Uruguayan Government has recently approved a new bidding system for onshore and offshore areas, Open Uruguay Round, including very competitive features and contractual terms, after evaluating other countries’ petroleum fiscal regimes.