Under the agreements, QatarEnergy has acquired:
- an 18% interest in block OFF-4, while Shell held 32%, and APA Corporation (the operator) retained the remaining 50%;
- the company has also acquired a 30% interest in block OFF-2, which is operated by Shell with a 70% interest;
- in the third exploration block OFF-7, QatarEnergy has acquired a 30% interest, with Shell (the operator) retaining 40%, and Chevron holding the remaining 30%.
«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», says His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, President and CEO of QatarEnergy.
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.
