Eni, MIWEN, and ANCAP sign agreement for entry into OFF-5 exploration block offshore Uruguay
Type: Partnership · Technology: Oil Gas · Country: Uruguay · Announced: 2026-08-31
Eni, MIWEN (a wholly owned subsidiary of YPF), and the Uruguayan National Oil Company ANCAP signed an official agreement for Eni's entry into the OFF-5 exploration block offshore Uruguay. 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, with studies underway to mature the area's hydrocarbon potential. This agreement strengthens the collaboration between Eni and YPF, who are also partners in the integrated upstream-midstream Argentina LNG (ARGLNG) project.
Analysis
Eni, MIWEN and ANCAP signed an agreement on 2026-08-31 for Eni to become operator of the OFF-5 offshore Uruguay exploration block with a 50% interest, while MIWEN holds the remaining 50%. Eni operates in 64 countries and is an integrated energy company committed to carbon neutrality by 2050. YPF, the parent of MIWEN, is an Argentinian energy company active in exploration, production, refining, distribution and marketing of oil and gas. The agreement places the OFF-5 block in its first exploration period with studies underway to assess hydrocarbon potential.
Key points
- Agreement signed on 2026-08-31
- Eni holds 50% interest and operator role in OFF-5 block
- MIWEN holds the remaining 50% interest
- OFF-5 block is in its first exploration period
- Eni operates in 64 countries
Counterparties
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