Eni Acquires 50% Stake in Uruguay's Offshore Block OFF-5 from YPF

Agreement Details

Eni has signed an agreement to acquire a 50% share and operatorship in the exploration Block OFF-5 offshore Uruguay from YPF. The agreement will take effect following approval from Uruguayan authorities.

Block Specifications

Block OFF-5 spans an area of 16,883 km², with water depths ranging from 800m to 4,100m, located 200 km from the coast. It is currently held and operated by MIWEN, a fully owned subsidiary of YPF, and is in its first exploration period.

Geological Context

The block is situated in an unexplored section of the Atlantic Margin, which shares geological similarities with established petroleum basins, indicating its potential for resource discovery.

Strategic Collaboration

This acquisition strengthens the collaboration between Eni and YPF, who have recently signed multiple agreements related to the Argentina LNG project. Eni has been chosen by YPF as a strategic partner for a phase of this project and as a preferred operator for exploration projects in Uruguay.