Challenger banks on Uruguayan frontier
The independent is poised to benefit from the new wave of interest in Uruguayan acreage
Uruguay has “all of the technical merits but none of the issues”, says Eytan Uliel, CEO of AIM-listed independent Challenger Energy. The frontier country “has, in a short space of time, become a focal point of the whole business”, Uliel says, adding there is significant potential for “value uplift” there. Challenger was the only applicant when it opted to bid for a Uruguayan licence in May 2020, but the block “was very big, offshore and in shallow water”, with historic, 2D seismic data available. “No one had really paid much attention to it” he adds. It was two years before Uruguay’s president formally approved the licence—which therefore started in August this year—but during that time the
Also in this section
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind