South America / GoM

Uruguay flag
Summary | Profile

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
Population: 3,477,778 (July 2008 est.)
Languages: Spanish, Portunol, or Brazilero (Portuguese-Spanish mix on the Brazilian frontier)
Government: constitutional republic
Capital city: Montevideo
Legal system: Montevideo
Currency: Uruguayan peso (UYU)

Country profile

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

Oil Gas
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.)
Reserves: NaN  NaN 
Major fields:

Uruguay - recent news

23 May 24
Uruguay: PGS receives approval to reprocess and expand Uruguay MC3D dataset
Originally acquired in 2012 (survey 3DUR12) and covering an area of 15 600 sq km, this data provides indispensable insights into Pelotas Basin prospectivity. The reprocessing sequence is designed to unlock further opportunities within these basins, helping to redefine exploration frontiers in this region.
07 May 24
Uruguay: Challenger Energy provides update on strategic investment by Charlestown Energy and Chevron farm-out approval process
Challenger Energy has entered into long-form legal documentation to give effect to the term sheet for an investment in the Company by Charlestown Energy Partners. Accordingly, Charlestown will advance a £1.5m loan to the Company on terms and conditions as previously announced. Challenger also advises that the regulatory approval process for the farm-out of a 60% interest in the AREA OFF-1 licence, offshore Uruguay, to a subsidiary of Chevron, is progressing.
18 Mar 24
US: Sempra Infrastructure launches Cimarron wind project
Sempra Infrastructure, a subsidiary of Sempra, has reached a positive final investment decision for the development, construction and operation of the Cimarron wind project, the third phase of the Energía Sierra Juarez (ESJ) wind complex. The Cimarron wind project is fully contracted under a 20-year power purchase agreement to Silicon Valley Power for the long-term supply of renewable energy to the City of Santa Clara, California.
11 Mar 24
Uruguay: Challenger Energy announces formal signing of AREA OFF-3 licence, offshore Uruguay
AIM-listed Challenger Energy, the Caribbean and Americas focused energy company, has announced the formal signing of its AREA OFF-3 licence, offshore Uruguay. As with the Company's AREA OFF-1 licence, the immediate strategy for AREA OFF-3 is to commence accelerated technical work, in support of seeking an early farm-out.
06 Mar 24
Uruguay: Challenger Energy announces farmout of 60% of Area OFF-1 block offshore Uruguay to Chevron
Challenger Energy has announced that it and its wholly-owned Uruguayan subsidiary, CEG Uruguay, have entered into a farm-out agreement with Chevron related to a 60% interest in the AREA OFF-1 block, offshore Uruguay.

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