Wavefield to Begin Offshore Basin Survey

Norwegian marine geophysical company Wavefield InSeis has signed an agreement with Uruguay's energy and environment ministry to acquire some 7,000km of 2D seismic data in the country's offshore basins, Wavefield said in a statement.

Uruguay's state oil company Ancap is 'significantly pre-financing' the seismic evaluation, the statement said, without providing specific investment figures. Newspaper La República reported Ancap's commitment is $4.9m.

Ancap will be entitled to future revenue sharing from sales to other international oil companies, Wavefield's statement said.

Wavefield aims to begin data acquisition in mid-June with the M/V Bergen Surveyor vessel. The company also will record marine gravity and magnetic data during the study.

Several leads at a variety of water depths already have been identified in the Punta del Este and Pelotas basins based on previous seismic data.