Chevron Uruguay Exploration Ltd. expects to move forward with 3D seismic acquisition offshore Uruguay after farming into the license as operator.
In March, Challenger Energy Group plc agreed to farmout a 60% operating interest in the AREA OFF-1 license to Chevron (OGJ Online, Mar. 6, 2024). On Sept. 19, 2024, the board of Uruguayan state-owned ANCAP approved the farmout.
Following the approval, and in accordance with Uruguayan legal requirements, the farmout process has progressed to its final stage, which consists of notifying the Uruguayan Ministry of Industry, Energy and Mining, and submitting the consortium agreement between Challenger and Chevron to the Uruguayan Ministry of Economy and Finance for registration. Once a 20-day notification period has elapsed and the consortium agreement is registered, the farmout can be completed.
The seismic program is expected to begin in early 2025.
