Eni has, together with MIWEN (a wholly owned subsidiary of YPF) and the Uruguayan National Oil Company ANCAP, signed an official agreement for the entry in the OFF-5 exploration block offshore Uruguay, following approval by the Uruguayan authorities.
Eni is now the operator of the OFF-5 block with a 50% interest, alongside partner MIWEN, which holds the remaining 50%. The OFF-5 block is currently in its first exploration period, and studies are underway to mature the area's hydrocarbon potential. Eni will apply its proprietary technologies to accelerate and maximize the value of these activities.
Eni’s entry into Uruguay alongside MIWEN further strengthens the collaboration between Eni and YPF, partners in the integrated upstream-midstream Argentina LNG (ARGLNG) project, as well as the presence of Eni in South America.
At the same time, Eni has recently reached an agreement to acquire a 40% interest in the adjacent OFF-6 block, operated by APA Corporation.