Italian energy major Eni has signed an official agreement alongside MIWEN and the Uruguayan National Oil Company (ANCAP) to enter the OFF-5 exploration block offshore Uruguay, following approval from local authorities.
Under the arrangement, Eni will operate the offshore licence with a 50 per cent stake, while MIWEN, a wholly owned subsidiary of YPF, holds the remaining 50 per cent interest.
The OFF-5 block is currently in its first exploration phase, with technical studies underway to assess the area's hydrocarbon potential.
To support these operations, Eni indicated that it will deploy proprietary technologies to accelerate and maximise the value of the exploration activities.
The entry builds upon an existing collaboration between Eni and YPF, who are partners in the integrated upstream-midstream Argentina LNG project.
Broadening its South American assets, Eni also recently secured an agreement to acquire a 40 per cent interest in the adjacent OFF-6 block, which is operated by APA Corporation.
