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

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

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

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

Saad Al-Kaabi, the Minister of State for Energy Affairs, President and CEO of QatarEnergy, 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.”

Minister Al-Kaabi added, “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 4,000 meters. -OGN/ TradeArabia News Service