KEY POINTS
- QatarEnergy and Chevron joined Shell as partners in Uruguay’s OFF-2 and OFF-7 offshore blocks
- Shell retains majority control in OFF-2, while OFF-7 is shared between Shell, QatarEnergy and
- Chevron Move signals growing foreign investment and strengthens Uruguay’s offshore oil and gas exploration strategy
Uruguay’s offshore energy sector has attracted new international players following the entry of QatarEnergy and Chevron into exploration blocks operated by Shell, reinforcing global interest in hydrocarbon development in the country’s maritime areas.
On March 25, QatarEnergy formally joined as a non-operating partner in the OFF-2 and OFF-7 offshore areas. Chevron also entered as a non-operating partner in the OFF-7 block.
Following the changes, Shell now leads Area OFF-2 with a 70 percent stake, while QatarEnergy holds the remaining 30 percent. In Area OFF-7, Shell retains 40 percent, with QatarEnergy and Chevron each controlling 30 percent.
Growing foreign investment in Uruguay’s offshore
The participation of QatarEnergy and Chevron forms part of existing hydrocarbon exploration and production agreements designed to diversify risk and enhance technical capacity in offshore projects.
Their entry signals rising foreign investment and increasing confidence in Uruguay’s offshore potential, positioning the country as an emerging destination for oil and gas exploration.
The development of the offshore blocks aligns with Uruguay’s national energy policy led by ANCAP, the state agency established in 1931 to manage strategic resources such as fuels and petroleum derivatives.
ANCAP has played a central role in regulating and promoting the energy sector. The shift toward partnership models with international companies reflects a strategy aimed at accelerating offshore exploration and strengthening the country’s position in the global energy market.
The addition of new partners in OFF-2 and OFF-7 is expected to reshape corporate participation while further placing Uruguay on the global energy radar.
