South America / GoM
Country profile: Uruguay
|Location:||Southern South America, bordering the South Atlantic Ocean, between Argentina and Brazil|
|Climate:||warm temperate; freezing temperatures almost unknown|
|Terrain:||mostly rolling plains and low hills; fertile coastal lowland|
|Size:||176220 sq. km total (Land area: 173620 sq. km Water area: 2600 sq.km)|
|Population:||3,477,778 (July 2008 est.)|
|Languages:||Spanish, Portunol, or Brazilero (Portuguese-Spanish mix on the Brazilian frontier)|
|Currency:||Uruguayan peso (UYU)|
Uruguay suffered through an economic crisis during 1999-2002, with average real gross domestic product (GDP) contraction of minus 4.7 percent per year during that period. Uruguay is a member of MERCOSUR, and its economy is highly integrated with those of its MERCOSUR partners; as a result, economic and financial instability in Brazil and Argentina, the two largest economies in MERCOSUR, was a prime cause of Uruguay’s economic troubles.
In recent years, though, the economy has rebounded, with real GDP growth of 12.3 percent in 2004 and 5.2 percent in 2005. A reduction in inflation, increasing world prices for Uruguay’s agricultural exports, revived economic growth in other MERCOSUR economies, and a $2.9 billion aid package from the International Monetary Fund (IMF) have all driven Uruguay’s economic recovery.
Energy production and consumption
|Production:||27,830 bbl/day (2007 est.)|
|Consumption:||33,400 bbl/day (2007 est.)||102 million cu m (2007 est.)|
|Exports:||4,410 bbl/day (2007 est.)|
|Imports:||43,670 bbl/day (2007 est.)||116 million cu m (2007 est.)|
Uruguay - recent news
|09 Jun 20
||Uruguay: Bahamas Petroleum Company announces Uruguay offshore licence award
Bahamas Petroleum Company has announced that, in its efforts to expand the Company's portfolio options, it has been awarded the AREA OFF-1 petroleum licence offshore Uruguay.
|17 Jun 18
||Uruguay to adopt permanent offer process for offshore oil blocks
Uruguay will move toward a permanent offer process for offshore oil blocks as other Latin American countries have done, after an April auction failed to attract bids, Industry, Energy and Mining Minister Carolina Cosse said.
|15 Jan 18
||Uruguay: Petrel Energy reports delays in drilling Cerro de Chaga-1 well - seeks further funding
Petrel Energy has advised that Schuepbach Energy Uruguay operations at the Cerro de Chaga-1 (Panizza) remain suspended. As a consequence, Petrel is reviewing funding going forward and has commenced a dialogue with a number of potential new partners to fund some or all of the current programme.
|11 Dec 17
||Uruguay: Schuepbach Energy's Cerro de Chaga-1 well temporarily suspended
JV partner Petrel Energy has announced that Schuepbach Energy Uruguay has temporarily suspended operations at the Cerro de Chaga-1 well to review operations and strategy, following continued hole stability issues associated with an unexpected fault.
|13 Nov 17
||Uruguay: Schuepbach Energy spuds Cerro de Chaga-1 well in Uruguay
JV partner Petrel Energy has announced that Schuepbach Energy Uruguay has spudded the Cerro de Chaga-1 well, the second exploration well to be drilled as part of its programme in the Norte Basin, Uruguay.
Uruguay - more news
Other countries in this region
- Costa Rica,
- Dominican Republic,
- French Guiana,
- Gulf of Mexico,