(WO) — Eni has expanded its exploration position offshore Uruguay, taking operatorship and a 50% interest in the OFF-5 block while also agreeing to acquire a 40% stake in the adjacent OFF-6 block.
Eni formally entered OFF-5 following an agreement with MIWEN, a wholly owned subsidiary of YPF, and Uruguay’s national oil company ANCAP. The transaction has received approval from Uruguayan authorities.
Eni will operate OFF-5 with a 50% interest, while MIWEN retains the remaining 50%. The block is currently in its first exploration period, with subsurface studies underway to assess and mature its hydrocarbon potential.
The company has also recently reached an agreement to acquire a 40% interest in the neighboring OFF-6 exploration block, which is operated by APA Corp.
The OFF-5 partnership extends Eni’s relationship with YPF beyond Argentina, where the companies are partners in the integrated Argentina LNG project.
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