Doha: QatarEnergy has signed agreements with BG International Limited, an affiliate of Shell, to acquire interests in three offshore exploration areas off the coast of the Oriental Republic of Uruguay. The agreements mark a significant expansion of QatarEnergy's operations in South America's upstream sector.
According to Qatar News Agency, under the agreements, QatarEnergy has secured an 18% stake in the OFF'4 exploration block, with Shell maintaining a 32% interest and APA Corporation, the block's operator, holding 50%. In the OFF'2 block, QatarEnergy acquired a 30% interest, with Shell, as the operator, retaining the remaining 70%. For the OFF'7 exploration area, QatarEnergy gained a 30% stake, alongside Shell, the operator, with 40%, and Chevron with 30%.
QatarEnergy's Minister of State for Energy Affairs, President, and CEO, Saad bin Sherida Al Kaabi, expressed satisfaction at strengthening ties with Shell through these agreements. He noted that this move reflects QatarEnergy's initial foray into Uruguay's upstream sector and further extends its influence in South America. Al Kaabi also acknowledged the cooperation of the Uruguayan authorities and expressed optimism about achieving beneficial outcomes for all involved parties.
The offshore exploration areas OFF'2, OFF'4, and OFF'7 are situated in the Atlantic Ocean, off Uruguay's coast, spanning between 11,155 and 18,227 square kilometers, with water depths ranging from 40 to 4,000 meters.