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| Roberto Kreimerman |
“It is time to invest in Uruguay,” Industry, Energy and Mining Minister Roberto Kreimerman said at a ministerial session at the 20th World Petroleum Congress yesterday.
The South American country is inviting investments in its oil and gas industry under production sharing agreements in the three offshore basins which have high-quality reservoir rocks.
“Uruguay is a very stable country with good quality of life and business environment and we have an energy policy endorsed by all political parties represented in the parliament,” the minister said. The energy policy 2030, being implemented since three years, aims to reduce dependence on oil imports and give emphasis on wind and natural gas for energy production. The plan is to generate as much as 50% of the total energy requirement from new sources. The primary supply mix projections for 2015 envisage bringing down oil and derivates to 38% from the current 60%.
Offshore and onshore oil exploration is going on and contracts are in force for two blocks. Talking to Gulf Times later, Kreimerman, on his first visit of Qatar, described the event as a landmark for the energy industry and a trend setter for the future.
