Brazilian oil company wins Uruguay contracts

Philippines News.Net
Friday 3rd July, 2009

Brazil has put up the winning bids to extract oil from Uruguay.

The state-run oil company in Brazil, Petrobras, has turned in the bids for offshore sedimentary basins Pelotas and Punta del Este, in Uruguay's exploration area.

The areas are 150 to 300 kilometres from the coast of Uruguay in deep water, which suits Petrobas, known for its deep-water exploration and production expertise.

The company now has four years to conduct studies of the blocks before it needs to decide whether drilling is worthwhile.

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