Uruguay's National Administration of Fuels, Alcohol and Portland (ANCAP) has signed new contracts with Shell, APA, and YPF in the ongoing Open Uruguay Round. These agreements supplement existing deals with Challenger Energy in OFF-1 and foresee upcoming partnerships in OFF-4 with APA and Shell, as well as ongoing collaboration in OFF-3 with Challenger Energy. 

Shell, APA, and YPF have solidified their interest in Uruguay, commencing the exploratory period for the assigned offshore blocks, with new E&P contracts that were approved by the Executive Branch and signed on 12 December 2023 within the framework of the Open Uruguay Round. APA acquired the OFF-6 block, Shell acquired the OFF-2 and OFF-7 blocks, and YPF acquired the OFF-5 block. This is the first time that Uruguay will have all offshore areas under active contracts. 

In the upcoming weeks, once approved by the Executive Branch, the contract for the OFF-3 area with Challenger Energy will be signed. 

The oil industry has a renewed interest in exploring Uruguay's offshore region, spurred by recent discoveries in Namibia. 

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