The Italian oil and gas company Eni S.p.A. has entered into an agreement with MIWEN, a subsidiary of the Argentine YPF, and the Uruguayan oil company ANCAP to acquire a stake in the OFF-5 block offshore Uruguay. This is reported in a press release from Eni.
In accordance with the agreement, Eni becomes the operator of the OFF-5 block with a 50% share jointly with MIWEN (50%). The OFF-5 block is at the first stage of exploration to determine the potential of the site.
Eni's entry into the Uruguayan market, together with MIWEN, strengthens the cooperation between Eni and YPF in the framework of the Argentine gas production and processing project (ARGLNG), as well as Eni's presence in South America. Earlier, Eni entered into an agreement to acquire 40% in the OFF-6 block operated by APA Corp.
YPF (Yacimientos Petrolíferos Fiscales) is the largest national Argentine oil and gas company with headquarters in Buenos Aires (Argentina).
ANCAP is Uruguay's state—owned energy company with monopoly rights in key sectors (oil import and refining, production of petroleum products and Portland cement). The headquarters is located in Montevideo (Uruguay).
Eni S.p.A. is an Italian multinational energy company and one of the largest oil companies in the world with a market capitalization of 40 billion euros. The main production regions include Africa and Kazakhstan, while the main sales markets are Italy and other European countries. The headquarters is located in San Donato Milanese (Milan).
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