Eni has signed an agreement with MIWEN, a wholly owned subsidiary of YPF, and Uruguay’s national oil company ANCAP to enter the OFF-5 offshore exploration block, following regulatory approval from Uruguayan authorities.
Eni will operate the block with a 50 per cent interest,
while MIWEN will hold the remaining 50 per cent.
The block is currently in its first exploration period, with
studies underway to assess its hydrocarbon potential.
Eni plans to deploy its proprietary technologies to advance
exploration activities and maximise the area’s potential.
The agreement strengthens Eni’s cooperation with YPF, with
the companies already partnering on the Argentina LNG (ARGLNG) integrated
upstream-midstream project. It also expands Eni’s presence in South America.
Separately, Eni has agreed to acquire a 40 per cent stake in
the adjacent OFF-6 block, which is operated by APA Corporation, further
strengthening its position in Uruguay’s offshore exploration sector. -OGN/TradeArabia News Service
