Article: High and dry: not known for oilfields, Uruguay has become the darling of foreign energy companies.(OIL & GAS)

Uruguayans can't be blamed for feeling they are in the center of the oil business these days, considering the battle among oil giants raging in the region. Some are retreating from the market and others are rushing in, briefcases full of investment cash in hand.

Dutch oil giant Shell is bowing out of Uruguay while heavyweights such as state-run behemoths Petrobras from Brazil and Venezuela's Petroleos de Venezuela (PDVSA) see profits in the small South American country, especially taking into account Shell's departure. "A study was made of the company's business portfolio, which led to Shell's leaving Peru, Venezuela, Paraguay, Colombia and Uruguay. At the same ...

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