QatarEnergy has acquired participating interests in three exploration blocks offshore Uruguay from BG International Limited, a subsidiary of Shell.
Under the agreements, QatarEnergy has acquired an 18% interest in block ‘OFF-4’, while Shell held 32%, and APA Corporation (the operator) retained the remaining 50%.
QatarEnergy has also acquired a 30% interest in block ‘OFF-2’, which is operated by Shell with a 70% interest.
In the third exploration block ‘OFF-7’, QatarEnergy has acquired a 30% interest, with Shell (the operator) retaining 40%, and Chevron holding the remaining 30%.
Blocks OFF-2, OFF-4, and OFF-7 are located offshore Uruguay’s Atlantic coast, covering areas ranging from 11,155 to 18,227 square kilometers and water depths ranging from 40 to 4,000 meters.
“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,” said Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, President and CEO of QatarEnergy.