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.