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BP, BG, Total, Tullow Oil Will Explore for Crude in Uruguay

BP Plc, BG Group Plc, Total SA and Tullow Oil Plc signed production sharing contracts for eight deep-water exploration blocks off Uruguay’s coast.

The companies had won the contracts in Uruguay’s second offshore licensing round in March, the government said in a statement today.

“In a few days the first two seismic vessels from Total will arrive and the other companies will start to work in 2013,” said Raul Sendic, president of Uruguayan state oil company Ancap. “Companies will invest around $1.5 billion.”

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