Eni acquires 50% interest in exploration block offshore Uruguay
Eni has signed, together with MIWEN (a wholly owned subsidiary of YPF) and the Uruguayan National Oil Company ANCAP, the official agreement for the entry in the OFF-5 exploration block offshore Uruguay, following approval by the Uruguayan authorities.
Eni is now the operator of the OFF-5 block with a 50% interest, alongside partner MIWEN, which holds the remaining 50%.
The OFF-5 block is currently in its first exploration period, and studies are underway to mature the area's hydrocarbon potential. Eni will apply its proprietary technologies to accelerate and maximize the value of these activities.
Eni says that its entry into Uruguay alongside MIWEN further strengthens the collaboration between it and YPF, and augments its presence in South America.
At the same time, Eni has recently reached an agreement to acquire a 40% interest in the adjacent OFF-6 block, operated by APA Corporation.
About the Author
Bruce Beaubouef
Senior Lead Reporter / Managing Editor
Bruce Beaubouef is Managing Editor for Offshore magazine. In that capacity, he plans and oversees content for the magazine; writes features on technologies and trends for the magazine; writes news updates for the website; creates and moderates topical webinars; and creates videos that focus on offshore oil and gas and renewable energies. Beaubouef has been in the oil and gas trade media for 25 years, starting out as Editor of Hart’s Pipeline Digest in 1998. From there, he went on to serve as Associate Editor for Pipe Line and Gas Industry for Gulf Publishing for four years before rejoining Hart Publications as Editor of PipeLine and Gas Technology in 2003. He joined Offshore magazine as Managing Editor in 2010, at that time owned by PennWell Corp. Beaubouef earned his Ph.D. at the University of Houston in 1997, and his dissertation was published in book form by Texas A&M University Press in September 2007 as The Strategic Petroleum Reserve: U.S. Energy Security and Oil Politics, 1975-2005.