Doha, Qatar: Qatar Energy has acquired participating interests in three exploration blocks offshore the Eastern Republic of Uruguay from BG International Limited, a subsidiary of Shell.
Under the agreement, Qatar Energy acquired an 18% interest in the OFF-4 block, with Shell holding 32% and APA Corporation (operator) holding the remaining 50%.
Qatar Energy also acquired a 30% interest in the OFF-2 block, which is owned and operated by Shell, which owns a 70% interest.
In the third exploration block, OFF-7, Qatar Energy will acquire a 30% interest, Shell (the operator) will hold a 40% interest, and Chevron will hold the remaining 30%.
Commenting on the deal, His Excellency Saad Sherida Al Kaabi, Minister of State for Energy Affairs and President and CEO of Qatar Energy, said: “We are pleased to strengthen our relationship with our strategic partner Shell through these agreements. This marks Uruguay’s first entry into the upstream sector and at the same time further expands its footprint in South America.”
His Excellency Al Kaabi further added: “I would like to thank the Uruguayan authorities for their support. I look forward to taking this opportunity to work with our partners to achieve a positive outcome for the benefit of all parties.”
Blocks OFF-2, OFF-4, and OFF-7 are located off the Atlantic coast of Uruguay, with areas ranging from 11,155 to 18,227 square kilometers and water depths ranging from 40 to 4,000 meters.
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