YPF CEO Says Uruguay Offshore Oil Could Be Bigger Than Vaca Muerta

Commodity
โดย Oilprice.com·Read original
Summary · why it matters

YPF CEO Horacio Marín said this week that the potential oil resources in Uruguay's offshore blocks could prove bigger than Argentina's Vaca Muerta shale, with the OFF-5 block alone possibly yielding millions of barrels of production. Companies including Shell, Chevron, Eni, APA, QatarEnergy, and YPF have acquired rights to drill in all seven offshore blocks contracted by Uruguay, and APA Corp is expected to spud the first exploration well later this year or early in 2027. YPF plans to begin drilling in late 2027 or early 2028, while Eni has signed an agreement to acquire a 50% stake and operatorship in Block OFF-5 from YPF, pending Uruguayan approval. Interest has surged due to geological links with Namibia's offshore discoveries, and QatarEnergy recently bought participating interests in three blocks from a Shell subsidiary. However, companies are still at the seismic survey stage, and deepwater conditions and lack of infrastructure pose development hurdles.

Impact on stocks 5

Energy▲ · 4 stocks
APA Corporation
APA
▲ PositiveDemandrelevance

APA Corp is expected to spud the first exploration well in Uruguay, potentially benefiting from large offshore oil resources.

Eni S.p.A.
ENI
▲ PositiveDemandrelevance

Eni signed an agreement to acquire a 50% stake and operatorship in Block OFF-5 from YPF, pending approval.

Chevron Corp
CVX
▲ PositiveDemandrelevance

Chevron has acquired rights to drill in Uruguay offshore blocks, with potential for significant oil resources.

Energy Transition & Power Demand▲ · 1 stocks
Shell plc
SHEL
▲ PositiveDemandrelevance

Shell has acquired rights to drill in Uruguay offshore blocks and sold stakes to QatarEnergy, indicating active interest.

Off-coverage companies 1

QatarEnergyPrivate▲ Positive
Demandrelevance

QatarEnergy bought participating interests in three blocks from a Shell subsidiary, showing commitment to Uruguay offshore.

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