Eni acquires 50% stake in offshore Block OFF-5 from YPF

Eni has agreed to get a 50% involvement and operatorship successful exploration Block OFF-5 offshore Uruguay from Argentine state-owned vigor institution YPF.

The statement volition instrumentality effect erstwhile Uruguayan authorities o.k. the transaction.

Block OFF-5, located astir 200km from the Uruguayan coast, covers 16,883km² astatine h2o depths betwixt 800m and 4,100m.

This exploration artifact is presently operated by MIWEN, a wholly owned subsidiary of YPF, and is successful its archetypal exploration phase.

It lies wrong an unexplored conception of the Atlantic Margin that shares geological features with established petroleum basins.

The woody extends collaboration betwixt Eni and YPF pursuing caller agreements related to the Argentina LNG (ARGLNG) integrated upstream-midstream project.

YPF selected Eni arsenic a strategical spouse for a signifier of the ARGLNG task and present arsenic the preferred relation for exploration activities successful Uruguay.

In a abstracted development, Eni, done its subsidiary Nigeria Agip Exploration (NAE), has acquired an further 2.5% involvement successful Nigeria’s OML 118 deep-water artifact from TotalEnergies EP Nigeria.

OML 118 is an offshore licence that includes the producing Bonga field, wherever NAE holds a non-operating stake.

The acquisition, which has received each required regulatory approvals, increases NAE’s stock successful the OML 118 accumulation sharing declaration from 12.5% to 15%.

Eni has been operating successful Nigeria since 1962, and reported an mean equity accumulation of 50,000 barrels of lipid equivalent per time successful 2025.

The institution said that the acquisition aligns with its strategy to optimise its upstream portfolio and support engagement successful deep-water projects wrong Nigeria.

"Eni acquires 50% involvement successful offshore Block OFF-5 from YPF" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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