Economía 23-10-2017

Uruguay Finds oil in a well on the west

The well is located in a spot known as Cerro Padilla and it has 845 meters deep. The government inform the past Friday that it was found oil in a exploratory well, in the department of Paysandú, 400 kilometers to the north of Montevideo.

A brief official statement said it was the first exploratory well on the ground in the last 30 years and "the first discovery of the presence of hydrocarbons." However, it remains to be determined whether the discovery is marketable.

The well is located in a place known as Cerro Padilla and is 845 meters deep.

"The information will not be expanded until the new stages of work are completed," the official statement added.

In 2016, President Tabaré Vázquez convoke all the expressidentes to analyze together what to do with the oil if it were to be discovered. At that time there were positive expectations in a well on the sea that were not finally confirmed.

The search for oil is a pending matter for Uruguay, which could never find a deposit either on its land surface or in its territorial waters.

For decades there were rumors of unconfirmed findings and several organizations and activists who argued that there were oil fields that were ignored due to pressures from other governments or oil multinationals.