PGS has received approval from ANCAP to acquire a large 3D MultiClient survey in Uruguay. 

The new 3D GeoStreamer broadband seismic acquisition will enable a comprehensive assessment of the exploration potential offshore Uruguay. This milestone marks a strategic advancement in PGS’ commitment to expanding its geophysical footprint in one of the world’s key frontier markets. The approved survey, covering both shallow and deepwater blocks, is poised to provide the industry with the subsurface insight necessary to unlock the hydrocarbon potential within the Cretaceous and Tertiary formations.  This area has been attracting a lot of interest recently driven by significant discoveries, such as Graff and Venus, in the Namibia Orange Basin, which is geologically very similar to its conjugate margin of Uruguay. 

Offshore Uruguay offers extensive exploration opportunities, evidenced by the regional presence of oil seeps and slicks, gas chimneys, and bottom-simulating reflectors (BSRs), all of which indicate an active petroleum system. Many of these geological plays remain untested, presenting substantial potential for future exploration and investment. 

Uruguay

Recent discoveries offshore Namibia have invigorated exploration interest on both sides of the Atlantic. Successes offshore Namibia support the potential for viable analogs on the South American side of the conjugate margin where the depositional systems are similar.

Access to new acreage, transparent fiscal terms, and a predictable land-sale policy make Uruguay an attractive region for oil and gas exploration.

The under-explored Punta del Este and Pelotas basins in Uruguay exhibit many of the same petroleum system features as the discoveries in Namibia. 

PGS' first 3D GeoStreamer acquisition, in 2012, provided a unique understanding of the prospectivity across the basins. More recently, the Company completed a large reprocessing project of data from the Pelotas to the Punta del Este basin. PGS' data library in Uruguay currently comprises over 15 600 sq. km of 3D data and 11 500 km of 2D data, and further expansion is in the pipeline.

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