The two companies have committed to an extensive work program during the initial four-year exploration period, including 3D seismic acquisition.
YPF secured the AREA OFF-5 deepwater block.
In May last year, ANCAP awarded the AREA OFF-2 and AREA OFF-7 blocks to Shell, and the AREA OFF-6 block to APA.
All but one of Uruguay’s available offshore exploration blocks in Uruguay have now been licensed, with estimated exploration-related commitments of more than $230 million.
YPF reportedly also has environmental approval to acquire 3D seismic this year on its CAN 102 block off northern Argentina, close to Challenger’s Uruguay block.
The initial four-year exploration period for AREA OFF-1 started last August. Chariot has committed to G&G studies, 2D seismic data licensing, 2D reprocessing and interpretation, and expects to substantially complete all required work by mid-year.