Alejandro Stipanicic, president of Uruguay’s state-run oil company (ANCAP), announced on the website of the Executive Power the signing of contracts for the exploration in different blocks of the entire offshore territory.

Shell, APA Corporation, and YPF will search for deposits for four years with the possibility of an extension.

Those companies will invest about 200 million dollars and would assume the entire risk, Stipanicic said.

The signing of the contracts took place within the framework of the Open Uruguay Round, which has been in force since 2019.

Such agreements are added to the existing one with Challenger Energy and others to be signed in the coming weeks with the same company and APA-Shell consortium.

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