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Uruguay plays waiting game in bear market

Crude prices need to exceed $60-65 per barrel before Uruguay can consider a third bid round, an official tells Interfax Crude prices need to exceed $60-65 per barrel before Uruguay can consider a third bid round, an official tells Interfax.
By Chris Noon 16 April 2015 Americas / Exploration & Production 0 15847
Concessions offshore Uruguay. The country’s third bidding round could be delayed until 2016.

Uruguay’s third competitive bid round could be pushed back to 2016 as the country waits for oil prices to recover, authorities have confirmed. Montevideo may also extend the terms of existing contracts while the bear market continues.

"We plan to launch the third round in late 2015, [or] the beginning of 2016," Santiago Ferro, head of exploration and production administration and contracts at state-run ANCAP, told Interfax earlier this week.

"ANCAP has already defined the contract terms and model. We are seeking to conclude talks with...