Uruguay’s offshore energy map gains new players following the incorporation of QatarEnergy and Chevron into strategic blocks operated by Shell. The move reinforces international interest in hydrocarbon exploration in the region.
Reconfiguration of Interests in OFF-2 and OFF-7
On March 25, QatarEnergy’s entry as a non-operating partner in the OFF-2 and OFF-7 areas was formalized. Likewise, Chevron also joined as a non-operating partner in the OFF-7 block.
As a result, the ownership structure of Area OFF-2 is now led by Shell with a 70% stake, while QatarEnergy assumed the remaining 30%.
Meanwhile, in Area OFF-7, a more balanced arrangement was configured. Shell maintains a 40% stake, while QatarEnergy and Chevron each hold 30% under the contract.
Chevron and QatarEnergy Drive Interest in Uruguayan Offshore
The entry of these energy companies is part of the existing hydrocarbon exploration and production contracts in Uruguay. This type of agreement allows for risk diversification and strengthens technical capabilities in offshore projects.
In this context, the presence of companies such as QatarEnergy and Chevron reflects a growing trend of foreign investment in the country’s maritime blocks. Uruguay’s offshore is beginning to position itself as an attractive area for oil and gas exploration.
ANCAP and Energy Sector Development
The development of these areas is linked to the national energy policy led by ANCAP, a state agency created in 1931 with the objective of managing strategic resources such as fuels and petroleum derivatives.
Since its creation, ANCAP has played a key role in regulating and promoting the sector. The evolution toward partnership models with international companies demonstrates a shift in strategy to drive offshore exploration.
Consequently, the incorporation of new partners in OFF-2 and OFF-7 not only redefines corporate participation, but also consolidates Uruguay within the global energy radar.