Doha, May 20 (QNA) - QatarEnergy has signed agreements with BG International Limited, a company affiliated with Shell, to acquire participating interests in three offshore exploration areas off the coast of the Oriental Republic of Uruguay.

In a statement issued today, QatarEnergy said that under the agreements it acquired an 18% interest in the OFF‑4 exploration block, while Shell retained a 32% stake and APA Corporation (the operator) holds 50%.

QatarEnergy also acquired a 30% interest in the OFF‑2 block, while Shell (the operator) holds the remaining 70%.

As for the third exploration area, OFF‑7, QatarEnergy acquired a 30% stake, alongside Shell (the operator) with 40%, and Chevron with 30%.

“We are pleased to strengthen our relations with our strategic partner Shell through these agreements, which mark our first entry into Uruguay's upstream sector while further expanding our footprint in South America," HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy Saad bin Sherida Al Kaabi said.

“We thank the Uruguayan authorities for their support, and look forward to working with our partners on this opportunity and to achieve positive results that benefit all parties,” HE added.

The offshore areas OFF‑2, OFF‑4, and OFF‑7 are located in the Atlantic Ocean off the coast of Uruguay, covering areas ranging between 11,155 and 18,227 square kilometres, in water depths ranging from 40 metres to 4,000 metres. (QNA)