News Analysis: An expectation of finding up to 902 Million Barrels of oil in just two exploration blocks, gives Uruguayans hope for ending oil imports. The Australian firm leading this exploration activity is commencing to look for partners to share in this potential bonanza. Uruguay’s search for oil, by Australian experts, bodes well for hopefully finding huge deposits heretofore unknown in this geography.
Uruguay’s well operated government, under President Jose Mujica, would have another large Natural Resource beyond timber, from which to export to other nations. Its certifying the Australians to search for the large deposits now is wise.
Upon their potential discoveries, the exact locations, depths, sizes, and quality of oil have to be determined; that will take some time. As production would commence, in several years thereafter (or perhaps sooner), world oil prices should have stabilized. Thus, oil investors would feel confident to capitalize future production development.
The 3.3+ million Uruguayans, in their 176,215 Km2 (68,036 Mi2) country, may begin enjoying abundant harvests of monies due to both their forward thinking government and the Intrepidness of some particular Australians.