QatarEnergy expands investments with offshore exploration stakes in Uruguay

QatarEnergy has signed agreements with Shell to acquire participating interests in three offshore exploration blocks located off the coast of Uruguay, marking a significant step in expanding its international oil and gas portfolio.

According to the statement, QatarEnergy acquired an 18% stake in the OFF-4 exploration block, while Shell retained 32%, and APA Corporation holds a 50% operating stake.

QatarEnergy also acquired a 30% stake in the OFF-2 block, while Shell, the operator, holds the remaining 70%.

In the OFF-7 exploration block, QatarEnergy acquired a 30% stake alongside Shell with 40% and Chevron with 30%.

HE Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, stated that the agreements represent the company’s first entry into Uruguay’s exploration and production sector, further expanding its presence in South America.

He added that QatarEnergy looks forward to working closely with its partners to achieve positive exploration results that benefit all parties involved.

The three offshore blocks are located in the Atlantic Ocean off Uruguay’s coast, covering areas ranging from 11,155 to 18,227 square kilometers, with water depths reaching up to 4,000 meters.