QatarEnergy completed its first entry into Uruguay’s upstream sector after acquiring stakes in three offshore exploration blocks from BG International Limited, a Shell subsidiary. The transaction brings the Qatari state company into blocks OFF-2, OFF-4, and OFF-7, located off Uruguay’s Atlantic coast.
With this transaction, the company expands its presence in South America through offshore exploration assets associated with Shell, APA Corporation, and Chevron. The move reinforces an international strategy focused on new oil and gas opportunities in basins with technical potential.
Stakes in Uruguay’s offshore blocks
According to the agreements announced on May 20, 2026, QatarEnergy acquired an 18% interest in block OFF-4. In that area, APA Corporation remains the operator with 50%, and Shell retains the remaining 32%.
In addition, QatarEnergy took a 30% interest in block OFF-2, operated by Shell with a 70% stake. In block OFF-7, the Qatari company also acquired 30%, while Shell operates the asset with 40% and Chevron holds 30%.
Thus, the three offshore licenses bring together companies with global experience in offshore exploration, upstream asset development, and prospect evaluation in shallow and deep waters.
Offshore upstream expansion in Uruguay
Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and Chairman and CEO of QatarEnergy, stated that these agreements strengthen the relationship with Shell and mark the company’s first entry into Uruguay’s upstream sector.
In addition, Al-Kaabi thanked the support of the Uruguayan authorities and expressed interest in working with the project partners to achieve positive results. The transaction positions QatarEnergy in an area that has gained attention on South America’s energy map due to its Atlantic margin and the interest of major international operators.
Blocks with large areas and variable depths
The OFF-2, OFF-4, and OFF-7 blocks cover areas ranging from 11,155 to 18,227 square kilometers. Their water depths range from 40 to 4,000 meters, a span that may require different geological, seismic, and operational approaches during the exploration phase.
Therefore, the acquisition opens a stage of technical evaluation in Uruguayan waters, where the combination of large areas, international partners, and specialized operations will be key to defining the assets’ potential.
Uruguay gains visibility in offshore exploration
QatarEnergy’s arrival adds greater international weight to Uruguay’s offshore portfolio. Although the country is not a significant oil producer, its offshore areas have attracted interest due to their location in the South Atlantic and the possibility of exploring geological systems that are still underdeveloped.
Likewise, the presence of Shell, APA Corporation, and Chevron in the blocks reflects an exploration environment with participation from top-tier companies. For QatarEnergy, the transaction adds a new regional platform within its international expansion in exploration and production.
Source: QatarEnergy
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