en.Wedoany.com Reported - QatarEnergy has acquired participating interests in three offshore exploration blocks in Uruguay from BG International Limited, a subsidiary of Shell, marking its first entry into the country's upstream sector.

Under the agreement, the allocation of interests among the parties has been clarified. In the OFF-4 block, QatarEnergy has obtained an 18% interest, Shell holds 32%, and APA Corporation retains 50% as the operator. QatarEnergy has also acquired a 30% interest in the OFF-2 block, which is operated by Shell, with Shell holding the remaining 70% interest. In the third block, OFF-7, QatarEnergy has similarly secured a 30% interest, with Shell holding 40% as the operator and Chevron Corporation holding the remaining 30%.

His Excellency Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President & CEO of QatarEnergy, commented: "We are pleased to strengthen our relationship with our strategic partner Shell through these agreements, which mark our first entry into Uruguay's upstream sector and further expand our footprint in South America."

Al-Kaabi added: "We thank the Uruguayan authorities for their support and look forward to working with our partners to achieve positive outcomes for the benefit of all parties."

The three exploration blocks are all located in the Atlantic waters off the coast of Uruguay, covering areas ranging from 11,155 to 18,227 square kilometers, with water depths varying from 40 to 4,000 meters. This acquisition of interests further expands QatarEnergy's business footprint in South America.

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