QatarEnergy acquires interests in new exploration blocks offshore Uruguay

QatarEnergy has acquired participating interests in three offshore exploration blocks in Uruguay from BG International Limited, a Shell subsidiary. 

According to the agreements, QatarEnergy has acquired an 18% interest in block OFF-4, while Shell holds 32%, and APA Corporation retains the remaining 50%.

QatarEnergy has also acquired a 30% interest in block OFF-2, which is operated by Shell with a 70% interest. 

For the third exploration block, OFF-7, QatarEnergy has acquired a 30% interest, with Shell retaining 40%, and Chevron holding the remaining 30%. 

Expansion into Uruguay’s upstream sector

His Excellency Mr Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, President and CEO of QatarEnergy, said: “We are pleased to strengthen our relations with our strategic partner Shell through these agreements, which mark our first entry into Uruguay’s upstream sector while further expanding our footprint in South America.”

H. E. Minister Al-Kaabi added, “We would like to thank the Uruguayan authorities for their support, and we look forward to working with our partners on this opportunity and to achieve positive results for the benefit of all parties.”

Blocks OFF-2, OFF-4, and OFF-7 are offshore along Uruguay’s Atlantic coast. They cover areas between 11,155 and 18,227 square kilometres, with water depths from 40 to 4,000 metres.