Eni Takes Major Stake in Uruguay's OFF-5 Exploration Block
Dow Jones
9 hours ago
Eni signed an agreement with Argentina's Miwen and Uruguay's national oil company Ancap to enter the OFF-5 exploration block offshore in Uruguay as it seeks to expand its footprint in the country.
The Italian oil major said is now the operator of the OFF-5 block with a 50% interest, while Miwen holds the remaining 50%. The OFF-5 block is in its first exploration period and studies are underway to mature the area's hydrocarbon potential, it added.
Miwen is the subsidiary of YPF, an energy company majority-owned by the Argentinian government.
The company hasn't disclosed any financial details.
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