Uruguay Modifies Offshore Bidding Terms for Round 2009
|Monday, April 06, 2009
The Uruguayan government decided to modify to bidding terms for offshore oil and gas exploration and exploitation, taking in account the changes in the oil industry. The dramatic drop of oil price as well as the deepening of the global economic and financial crisis has lessened the budgets for exploration in a lot of the first level oil companies, thus provoking the fall or suspension of exploration projects all over the world. The industry evolution monitoring by ANCAP, the governmental oil company acting as advisor of the Government, has had as a result some recommendations to the Executive Power for relevant modifications to the Bidding Bases and Contract Model of Uruguay Round 2009.
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