Uruguay’s state oil firm ANCAP (Administración Nacional de Combustibles, Alcoholes y Portland) announced on Monday that Exxon Mobil of the US and France’s Total are teaming up to drill for oil offshore the South American country, according to Reuters.
It will be Uruguay’s first offshore exploratory well and will be drilled about 250 miles from the capital Montevideo at a depth of around 11,155 feet.
Irving, Texas-based Exxon Mobil (which has acquired a 35% stake in an oil block off Uruguay’s coast) and Total will invest $200 million. They plan to begin the exploratory drilling in the first half of 2016.
