Chevron Places a Bet on Uruguay's Offshore O&G Frontier

Chevron has reached a deal to take a 60 percent operating stake in Challenger Energy's OFF-1 license, about 50 nautical miles off Uruguay. Chevron is paying $12.5 million up front, plus the full cost of a seismic campaign to evaluate the lease area. If the partners decide to drill an exploration well, Chevron will cover half of Challenger's share of the cost.

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Challenger Energy Group plc published this content on 08 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2024 11:23:17 UTC.