Shell Sells Uruguay Offshore Stakes to QatarEnergy While Retaining Operatorship

On 21 May 2026 Shell completed the divestment of participating interests in three Uruguay offshore blocks to QatarEnergy. The deal follows the initial 20 May announcement of QatarEnergy’s entry into the blocks and provides updated ownership details. QatarEnergy now holds 30% in OFF-2, 30% in OFF-7 and 18% in OFF-4, with Shell retaining 70% and operatorship of OFF-2, 40% of OFF-7 alongside Chevron, and 32% of APA-operated OFF-4. The blocks cover 11,000–18,000 sq km in water depths from 40 m to nearly 4,000 m. The transaction strengthens QatarEnergy’s South American portfolio and shares exploration risk in the frontier basin.