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

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

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