Uruguay Could Modify Contracts to Allow Offshore Geological Studies

Uruguay’s government will decide by early March whether to ratify a resolution that would modify service contracts to allow smaller private oil companies to partner with state oil firm Ancap for upstream activities, an Ancap source told BNamericas.

The current resolution 930 enacted in 1993 requires companies partnering with Ancap to show they have the capital and experience for offshore drilling, which is impossible for many smaller companies, the source said.

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