Chevron and QatarEnergy take stakes offshore Uruguay

Uruguay

MONTEVIDEO, March 31, 2026 – Chevron and QatarEnergy have joined offshore exploration and production contracts in Uruguay, taking stakes in Shell-operated acreage as competition for the country’s frontier offshore hydrocarbons play intensifies, Upstream reported on Monday.

According to Uruguay’s state-owned Ancap, Chevron farmed into Block OFF-7 while QatarEnergy entered Block OFF-2 and Block OFF-7. The deals were struck with Shell, which remains the operator in all three blocks. Following the transactions, Shell holds 70% in OFF-2 and 40% in OFF-7, with QatarEnergy holding 30% in OFF-2 and 30% in OFF-7, and Chevron holding 30% in OFF-7.

The transaction represents a new country entry for QatarEnergy.

Chevron’s entry into Block OFF-7 adds to the company’s existing 60% interest in Block OFF-1, where it is the operator following a farm-in in 2025, with the remaining 40% held by Sintana Energy. A 3D seismic survey began on the block on March 26, 2026.

Uruguay’s offshore acreage is fully contracted out across seven blocks in the Pelotas basin, with only Eni’s acquisition of a 50% controlling stake in Block OFF-5 pending approval.