Italian energy company Eni has signed an agreement with MIWEN, a wholly owned subsidiary of Argentina’s YPF, and Uruguayan state oil company ANCAP to enter the OFF-5 offshore exploration block in Uruguay, following approval by Uruguayan authorities.
Eni will operate the block with a 50% stake, while MIWEN will hold the remaining 50%.
The OFF-5 block is currently in its first exploration period, with studies underway to assess its hydrocarbon potential, Eni said.
Eni will use its proprietary technologies to support exploration activities and evaluate the area’s potential, the company said.
Eni’s entry into Uruguay with MIWEN also strengthens its cooperation with YPF, with the two companies partnering on the integrated upstream and midstream Argentina LNG (ARGLNG) project.
Eni said it had also recently agreed to acquire a 40% stake in the adjacent OFF-6 block, which is operated by APA Corporation.
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