QatarEnergy won stakes in seven exploration blocks off Brazil’s northeastern coast, the latest in a series of Gulf investments in Latin America’s energy sector. The state-owned company will hold 30% of each block in the Ceará Basin, with operator Petrobras holding the rest.
Concession contracts, which let the companies keep what they find in exchange for royalties and taxes, are expected to be signed in the first half of 2027. Qatar has been building an international energy portfolio for more than a decade, and those assets are taking on more importance as the country’s exports have dwindled during the Iran war. This year, QatarEnergy entered Uruguay, agreed to take 30% of two blocks off Angola, and shared in a discovery off the Republic of Congo.