A pair of dynamically consistent quasi‐shallow equation sets has recently been developed for global spherical atmospheres and oceans in spherical polar coordinates, using the standard spherical geopotential approximation. This pair is of intermediate complexity between two standard known pairs (one shallow, one deep). A surprising feature of this new pair is that the fluid is assumed to be of essentially shallow depth, yet the Coriolis force is completely represented. This is in contradistinction to the traditional shallow pair, where the Coriolis force is incompletely represented in order to achieve dynamical consistency.However, the Earth is better represented by a spheroid than by a sphere. It is shown herein that the aforementioned work can be generalised by making the weaker spheroidal geopotential approximation to obtain an analogous pair of quasi‐shallow equation sets using axisymmetric curvilinear orthogonal coordinates. This pair is derived in two different, but complementary, ways: via the traditional Eulerian approach, and via Hamilton's principle of least action.