Challenger signs second exploration license offshore Uruguay
Offshore staff
MONTEVIDEO, Uruguay — Challenger Energy has completed the formal award process for its AREA OFF-3 license offshore Uruguay, first awarded last June under the Open Uruguay Round process.
Sign-off followed confirmation of final regulatory approvals. The first exploration period will run for four years from June 7, 2024, through June 6, 2028.
AREA OFF-3 covers 13,252 sq km in water depths from 20 m to 1,000 m, about 100 km from the Uruguayan coast. It has existing 2D and 3D seismic coverage, with two previously identified prospects potentially holding up to ~2 Bbbl of oil and up to ~9 Tcf of gas, according to Challenger.
Initial work obligations call for licensing and reprocessing of 1,000 km of legacy 2D data and conducting two geotechnical studies.
Challenger will pursue a similar strategy to its AREA OFF-1 license that led to last week’s farm-in by Chevron. That means accelerating the technical work program to include additional discretionary work, with the aim of high-grading existing prospects and identifying other candidates and new plays to attract a partner at an early stage.
03.11.2024