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Amid many uncertainties and volatilities of the global petroleum market, economic diversification plans, aimed at unfolding Uruguay’s hidden potential for hydrocarbon exploration, are seen as catalyst for the development of the country and are instrumental to the fluidity of trade in the South American region. Globally acclaimed foreign exchange expert and leader in financial services industry, Pablo Soria de Lachica outlines new investment opportunities for off-shore drilling in the Uruguayan coastal basin.News came in as Total, a France-based multinational, integrated energy producer and provider announced to unearth oil and gas from the well 250 kilometers off the Atlantic coastline, in more than 3,400 meters of water, and 3,000 meters below the seabed. Being the first offshore well drilled in Uruguay in the last four decades, the project has attracted a lot of attention from industry experts, traders, and international media since the inception of drilling operations on March 30th. Total is partnering with Exxon Mobil, which owns 35 percent of stakes in the consortium, and Norway’s StatOil holding 15 percent of shares, leaving a considerable percentage of earnings to the state. Above all the economic advantages of this milestone venture, the well is also reported to become a world record breaker. Positioned as the deepest offshore well by water depth ever to be drilled, it beats the previous record of 3.170 meters set by ONGC off the coast of India. The landmark initiative is projected to boost Uruguay’s exploration potential and turn it from the importer of all of its oil and gas needs into an energy producer and a competitive player in the regional and global petroleum markets.
For decades, Uruguay was known for its competitive hydropower and thermal power capacity, including renewables, meeting 68 percent of its energy needs, with an impressive 95 percent of the country’s electricity coming from clean energy. However, the government has never given up on the possibility to expand its oil and gas resources. First attempts to find fossil fuels in Uruguay dated back to the 1950s, when prospecting of the Northern Basin started. Later, in the sixties, the state oil company has contracted Total to launch surveys in continental shelves of the Atlantic coastline. Finally, in 1976, Chevron initiated a drilling of exploratory wells and revealed natural gas fields in that territory. However, the wells were reported lacking greater prospectivity and commercial viability and were soon declared dry. What makes Uruguay so attractive to exploration projections, says Pablo Soria de Lachica, is the fact that the Pelotas basin in the south of Brazil, rich in pre-salt deposits, apparently is neighboring Uruguay's continental shelf and will continue to attract investors to the South Atlantic. If the drilling operations are successful, the first oil from the project is foreseen by 2021.
Pablo Soria de Lachica is an acclaimed expert in foreign exchange markets, currently collaborating with Kartoshka, a global company at the forefront of the latest technologies in sales, telemarketing, and customer support. After receiving his Master of Business Administration degree from Universidad Tecnológico de México, his knowledge and experience enable him to deliver guidance to clients on international exchange and market analysis, as well as develop highly valuable trading tools for investors. Also an avid philanthropist, Soria de Lachica supports environmental causes and youth programs.
Pablo Soria de Lachica - Foreign Exchange Specialist: http://pablosoriadelachicanews.com
Pablo Soria de Lachica -- Describes Mexican Budget Plans For 2017: http://finance.yahoo.com/news/pablo-soria-lachica-describes-mexican-063547078.html
Pablo Soria de Lachica -- Welcomes Uruguay's Infrastructure Investment: http://www.marketwatch.com/story/pablo-soria-de-lachica----welcomes-uruguays-infrastructure-investment-2016-08-31-01601724
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