QatarEnergy has strengthened its international upstream portfolio through a series of agreements with BG International Limited, an affiliate of Shell, to acquire participating interests in three offshore exploration blocks located off the coast of Uruguay.
The agreements mark QatarEnergy’s first entry into Uruguay’s upstream energy sector and further reinforce the company’s long-term strategy of expanding its footprint across key international energy markets, particularly in South America.
QatarEnergy announced that it had acquired an 18 percent participating interest in the OFF-4 offshore exploration block.
Under the agreement, Shell will retain a 32 percent stake, while APA Corporation, the operator of the block, will hold the remaining 50 percent interest.
The company also secured a 30 percent interest in the OFF-2 exploration block, where Shell will serve as operator with a 70 percent stake.
In the third offshore area, OFF-7, QatarEnergy acquired a 30 percent stake alongside Shell, which will operate the block with a 40 percent interest, while Chevron holds the remaining 30 percent share.
HE Saad bin Sherida Al Kaabi Qatar Minister of State for Energy Affairs President and CEO QatarEnergy
“These agreements reflect our continued commitment to strengthening strategic international partnerships and expanding QatarEnergy’s global exploration portfolio. We are pleased to deepen our relationship 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. We also extend our appreciation to the Uruguayan authorities for their support and look forward to working closely with our partners to advance exploration activities and achieve mutually beneficial outcomes.”
The offshore exploration blocks OFF-2, OFF-4, and OFF-7 are situated in the Atlantic Ocean off Uruguay’s coastline and cover areas ranging between 11,155 square kilometers and 18,227 square kilometers.
Water depths across the blocks range from approximately 40 meters to 4,000 meters, highlighting the scale and technical complexity of the exploration areas.
The move underscores QatarEnergy’s growing international ambitions as the company continues to expand its presence across major global energy basins through strategic partnerships with leading international energy companies.
