Eni: consolidates and expands its offshore presence in Uruguay

Joins the Off-5 exploration block; is now an operator with a 50 per cent stake

(Il Sole 24 Ore Radiocor) - Eni consolidates and expands its presence in Uruguay’s offshore sector. Together with Miwen (a wholly-owned subsidiary of Ypf) and the Uruguayan national oil company Ancap, Eni has formally signed an agreement to enter the Off-5 exploration block in the Uruguayan offshore, following approval from the Uruguayan authorities.

Eni, the statement explains, is now the operator of the Off-5 block with a 50 per cent stake, alongside its partner Miwen, which holds the remaining 50 per cent. The Off-5 block is in its first exploration phase and studies are currently underway to assess the area’s oil potential; Eni will apply its proprietary technologies to these studies in order to accelerate and maximise their value.

Eni’s entry into Uruguay alongside Miwen strengthens the collaboration between Eni and YPF, who are already partners in the Argentina LNG integrated upstream-midstream project, and consolidates Eni’s presence in South America.

At the same time, Eni has recently reached an agreement to acquire a 40 per cent stake in the adjacent Off-6 block, operated by Apa Corporation.