ANCAP (Administración Nacional de Combustibles, Alcoholes y Portland, English: "National Administration of Fuels, Alcohols and Portland") is a state-owned company in Uruguay, it was created by Law No. 8.764, on 15 October 1931 during the administration of Gabriel Terra. Its Fundamental Law entrusts it with the power to exploit and administer the monopoly of national Alcohol and Fuel, portland cement, as well as import, refine and sell petroleum derivatives. It operates the only oil refinery in Uruguay in La Teja, inaugurated in 1937 next to its working-class neighborhood with homes with patios and gardens, President Gabriel Terra described the company as the "pride of Uruguay", it has a capacity of 50,000 barrels (7,900 m3) per day.[1] ANCAP has a long-term corporate credit rating "BB−" with positive outlook by Standard & Poor's.[2]
Starting in 1933, it produced an alternative fuel of national development based on gasogen (in Spanish "gasógeno") that made it possible to overcome the fuel shortage of the World War II almost without difficulties.
In December 2008, ANCAP launched Uruguay's first offshore licensing round, due for completion June 2009. It offered 11 blocks for oil and gas exploration covering areas ranging from 4000 to 8000 km2 each, with water depths ranging from 50 to 1450 m.[3]