Consortia that Galp Energia is part of were awarded two areas, 3 and 4, of the Punta del Este basin.
Block 3 has an area of 5,500 square kilometres and is located offshore in the Oriental Republic of Uruguay, nearly 200 kilometres south of Punta del Este, with a water level of 1,000 to 2,000 metres.
Block 4 has an area of 3,000 square kilometres and is located offshore in the Oriental Republic of Uruguay, nearly 150 kilometres south of Punta del Este, with a water level of 50 to 200 metres.
Galp Energia has a 20% share in the consortium, together with Petrobras (40%) and Repsol YPF (40%). Petrobras is the operator in block 4 and Repsol YPF in block 3.
The licences were obtained without payment of a signing bonus, with ANCAP, the Uruguayan national petroleum company, having preference in buying production rights for internal supply and market prices. In case of gas production, the price must be negotiated between the parties.
In case of success in the exploration period, the first production is expected for 2021.