Government open to the possibility of extracting oil in Uruguay: it has already signed a contract with a British company

Government open to the possibility of extracting oil in Uruguay: it has already signed a contract with a British company


Photo: UNsplash/Grant Durr
Photo: UNsplash/Grant Durr

The Minister of Industry, Energy and Mining (MIEM), Omar Paganini, assured that there are “some expectations” that there will be oil to exploit in Uruguayan territory, after the government of Luis Lacalle Pou signed a contract with the British company Challenger Energy to exploit oil deposits on the marine platform of our country.

The possibility of oil appearing in Uruguay is due, according to Paganini, to the fact that “twin discoveries” of hydrocarbons have appeared “on the other side of the Atlantic in what has been geologically linked for many millions of years” with Uruguay. This made the industry retake interest in drilling here, since there is also a high demand for crude oil and derivatives in the world with sky-high prices.

He promised that the process will be carried out “with all the environmental guarantees and the safeguard of the Ministry of the Environment.”

What is Challenger Energy?

Challenger Energy Group PLC (Challenger Energy) is a company that operates with oil and gas, and its operations are focused on the Caribbean and the Atlantic Ocean.

“Our portfolio is focused on producing onshore fields in Trinidad and near-term appraisal/development assets in Suriname. It also includes high-impact exploration prospects located onshore in Trinidad and Tobago and offshore in the Bahamas and Uruguay,” he says on his website.

Its tax office is in Isle of Manconsidered by the International Monetary Fund (IMF) and by the Organization for Economic Cooperation and Development (OECD) as a tax haven which is used by tens of thousands of companies to pay less taxes.

The main advantage of the Isle of Man as a financial center or tax haven is that companies without local shareholders are not subject to trade or investment income tax but pay a fixed nominal fee annually.

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