BP has reportedly ceased exploration activities at three offshore blocks in Uruguay.
Reuters reported Ancap, Uruguay’s state-owned oil company as saying that the oil major’s latest decision comes as it plans to focus on lower-risk projects at a time when the international prices are low.
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Ancap Exploration and Production head Hector de Santa Ana told the news agency that BP holds interests in other lower risk exploration projects in other parts of globe.
In October 2012, BP signed production sharing contracts in Montevideo for the three deepwater exploration blocks offshore Uruguay.
The blocks 11 and 12 are located in the Pelotas basin and block 6 is in the Punta del Este basin.
Covering an area of almost 26,000km², the acreage is located about 50km-100km off the Uruguayan coast, south-east of Montevideo, in water depths ranging from 50m to 2,000m.
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By GlobalDataAt that time BP Exploration executive vice-president Mike Daly said: "This is a material entry into an under-explored deepwater basin on the Atlantic margin."
The blocks are 100%-owned by BP and Ancap will have a right to participate of up to 30% in any discoveries.
Ana said that Ancap will get control of the blocks in October.
