Eni set to take control of offshore Uruguay exploration block

Eni has agreed to take a 50% operated share of exploration Block OFF-5 in Uruguay’s offshore Pelotas basin from YPF subsidiary MIWEN.

The agreement will take effect following approval by the Uruguayan authorities.

Block OFF-5 covers a 16,883-sq km area in water depths ranging from 800-4,100 m, around 200 km. It is currently in the first exploration period.

Eni said the farm-out would further strengthen its collaboration with YPF, following the two companies’ recent agreements concerning the integrated upstream-midstream project Argentina LNG.

Talks included updates on Eni’s offshore Mediterranean exploration drilling campaign, which started last month. The company plans further exploration and drilling across all its operated areas in Egypt, with a special focus on fast-track, infrastructure-led opportunities and on extending the life of its assets in the offshore Nile Delta.