Eni acquires 50% stake in Uruguay offshore exploration block

Italian energy company Eni has entered the Uruguayan offshore market by acquiring a 50% stake in the OFF-5 exploration and exploitation block. Under the agreement signed with Uruguay’s national oil company, ANCAP, and Miwen—a subsidiary of the Argentine firm YPF—Eni will assume the role of operator for the block.

Eni will provide technical and technological expertise to advance geological studies and evaluate the hydrocarbon potential of the area. Miwen will retain the remaining 50% interest as a non-operating partner. The OFF-5 block is currently in its initial exploration phase. While the financial details of the transaction were not disclosed, the move is seen as a reinforcement of international interest in Uruguay’s offshore energy potential.