The bidding process for the exploration blocks under the Ronda Uruguay 2009 for the Pelotas and Punta del Este Basins was held last July by the Uruguayan government, and Petrobras and its partners made the best offer for blocks 3 and 4, the company said.
The blocks are located in the south-southeastern region of the Punta del Este basin. Block 3 is located 300km off the coast, at depths ranging from 200mt to 1,500mt, while block 4 is 150km off the coast and at a depth of 100mt to 200mt.
Petrobras will be the operator of block 4 (40%), while YPF will hold equal participating interest, and Galp Energia 20%. In block 3, Petrobras holds 40% of the interest, YPF will be the operator (40%), and Galp Energia holds the remaining 20% of the rights.
The company will have four years to analyze the seismic data and decide whether it will undertake drilling activities. In the tender, the company committed to perform the 2D seismic and to complete the reprocessing of existing data.
