TTE - Why Is A Discovery In Namibia Good News For Uruguay And Argentina?

• In February 2022, TotalEnergies announced a light oil and gas discovery in the Venus-1X new-field wildcat offshore Namibia, in the Orange sub-basin.
• The Venus discovery opens up great possibilities for the offshore Uruguay and Argentina basins, as similar rocks might exist in those conjugate basins, which have been greatly underexplored in both continents.
• As for Uruguay, the Namibia discovery will likely increase the appetite of companies to bid during the next open bid round windows which close on 31 May 2022 and 30 November 2022.

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