Qatar Energy Acquires Interests in New Exploration Blocks Offshore Uruguay

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

Under the agreements, QatarEnergy has acquired an 18 percent interest in block “OFF-4”, while Shell held 32 percent, and APA Corporation (the operator) retained the remaining 50 percent.

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

In the third exploration block “OFF-7”, QatarEnergy has acquired a 30 percent interest, with Shell (the operator) retaining 40 percent, and Chevron holding the remaining 30 percent.

Commenting on the transaction, Minister of State for Energy Affairs, President and CEO of QatarEnergy HE Saad Sherida Al Kaabi 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.”

Al Kaabi said, “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 located offshore Uruguay’s Atlantic coast, covering areas ranging from 11,155 to 18,227 square kilometers and water depths ranging from 40 to 4,000meters.