QatarEnergy has acquired participating interests in three offshore exploration blocks in Uruguay from BG International Limited, a subsidiary of Shell plc, marking the company’s first entry into Uruguay’s upstream sector.
Under the agreements, QatarEnergy acquired an 18% interest in block OFF-4, where Shell holds 32% and APA Corporation, the operator, retains the remaining 50%.
QatarEnergy also secured a 30% interest in block OFF-2, which is operated by Shell with a 70% interest.
In block OFF-7, QatarEnergy acquired a 30% interest, while Shell, the operator, retains 40% and Chevron Corporation holds the remaining 30%.
His Excellency Mr. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, said the agreements deepen the company’s relationship with Shell while expanding its regional presence.
The offshore blocks are located along Uruguay’s Atlantic coast and span areas ranging from 11,155 to 18,227 square kilometers. Water depths across the blocks range from 40 meters to 4,000 meters.
KEY QUOTES:
“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.”
Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO, QatarEnergy
“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.”
Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO, QatarEnergy
