Qatar Energy has entered into agreements with BG International Limited, a subsidiary of Shell, to acquire participating interests in three offshore exploration areas off the coast of the eastern Republic of Uruguay.
Qatar Energy explained in a statement today that, according to the agreements, it acquired an 18 percent share of the OFF-4 exploration area, Shell retained a 32 percent share, and APA Corporation (the operator) a 50 percent share.
Qatar Energy also acquired a 30 percent stake in the OFF-2 area, while Shell (the operator) owned a 70 percent stake.
As for the third exploration area, OFF-7, Qatar Energy acquired a 30 percent stake, along with Shell (the operator) with a 40 percent stake, and Chevron with a 30 percent stake.
On this occasion, His Excellency Eng. Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, said: “We are pleased to strengthen our relations with our strategic partner, Shell, through these agreements, which represent our first entry into the exploration and production sector in Uruguay, which expands our presence in South America.”
He added: “We thank the Uruguayan authorities for their valuable support, and we look forward to working with our partners on this exploratory opportunity and achieving positive results that benefit all parties.”
The marine areas /OFF-2/, /OFF-4/, and /OFF-7/ are located in the Atlantic Ocean off the coast of Uruguay, and cover areas ranging in size from 11,155 to 18,227 square kilometers and water depths ranging from 40 meters to 4,000 metres.
