(offshore-energy.biz) Isle of Man-headquartered oil and gas company Challenger Energy Group (CEG) is making progress in setting the stage to embark on a formal farm-out process later this year for a shallow water exploration block off the coast of Uruguay. As the firm is also expected to make up its mind about assets in Trinidad and the Bahamas around that time, the first half of 2025 promises to be a busy time for the company.
After Challenger Energy submitted a bid for the AREA OFF-3 block offshore Uruguay as part of the Open Uruguay Round, the first instance of 2023, the Administración Nacional de Combustibles Alcohol y Pórtland (ANCAP), the Uruguayan national regulatory agency, awarded the license for the block to the company in July 2023.
Thanks to this, the firm expanded its footprint in Uruguay to two blocks in the offshore Punta del Este and Pelotas sedimentary basins: AREA OFF-1 and AREA OFF-3. The formal signing of the AREA OFF-3 license occurred in March 2024. The first exploration period started on June 7, 2024, and will run for four years, until June 6, 2028.
No prior wells were drilled on the AREA OFF-3 block. However, considerable seismic activity did get collected, comprising approximately 4,000 km of legacy 2D and around 7,000 km of 3D, as part of the 2012 proprietary acquisition carried out by BP and PGS.
Two material-sized prospects, Amalia and Morpheus, which were identified and mapped on the block, currently have an estimated gross resource potential of up to 2 billion barrels of oil and around 9 trillion cubic feet of gas.
Read full article: https://www.offshore-energy.biz/farm-out-process-offshore-uruguay-and-decision-on-assets-in-trinidad-bahamas-coming-in-mid-2025/
Brazil Energy Insight 
Leave a comment