Uruguayan state oil company Ancap said it will auction 17 offshore blocks for exploration in areas of up to 3,000 meters deep with offers to be presented in April 2019.
The auction, called the Uruguay Round III, will be launched in Houston in September.
“Ancap is working with the Ministry of Industry and Energy to prepare the model contract,” company CEO Ignacio Horvath told an oil industry conference in the Uruguayan city of Punta del Este.
Uruguay is a net importer of oil. In 2009 and 2012 the country had the bidding rounds I and II respectively, signing exploration contracts with companies including BP and YPF.
The blocks to be auctioned include areas in the Eastern Delta and Punta del Este basins.