Italian energy major Eni said on Saturday it has entered Uruguay’s offshore OFF-5 exploration block under an agreement with MIWEN, a wholly owned subsidiary of Argentina’s YPF, and Uruguayan state oil company ANCAP.
The agreement follows approval by Uruguayan authorities, the company said in a statement.
Eni will operate the block with a 50% stake, while MIWEN will hold the remaining 50%. The block is in its initial exploration period, with studies underway to assess its hydrocarbon potential, it added.
The acquisition expands Eni’s cooperation with YPF. The companies are also partners in the Argentina LNG project.
Eni also said it has agreed to acquire a 40% stake in the neighboring OFF-6 block, operated by APA Corp.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr
