Eni signed today an agreement for the acquisition from YPF of a 50% share and operatorship in the exploration Block OFF-5 in Uruguay’s offshore. The agreement will become effective after the approval of the Uruguayan authorities.

Block OFF-5 covers an area of 16,883 km2 in water depths ranging from 800m to 4,100 m, at 200 km from the coast. It is currently held and operated by MIWEN (fully owned by YPF) and is in the first exploration period. The area falls within the unexplored part of the Atlantic Margin with close geologic analogies with proven petroleum basins.

Block OFF-5 represents a highly prospective area that further strengthens Eni’s exploration portfolio that combines a large and robust set of near-field and infrastructure-led exploration prospects with diversified selected high impact opportunities, on which to apply Eni’s proprietary technologies to expedite and maximize value.

This agreement further strengthens the collaboration between Eni and YPF, which recently have signed several agreements in the framework of the integrated upstream-midstream project Argentina LNG (ARGLNG). Eni has been selected by YPF as strategic partner of a phase of the ARLNG project and now as preferred operator of exploration projects in Uruguay.

About Eni

Eni is a global energy tech company operating in 64 Countries, with about 32,500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni's goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers.
In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni's areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy - a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.

About YPF

YPF is the main energy company in Argentina, with a share in the production of oil and gas of 43% in the local market and 56% in naphtha. YPF is leader in the production of unconventional resources. It is an integrated energy company that generates a varied offer: natural gas, electricity, fuels, petrochemical inputs, lubricants and agro products, among others. It has more than 1500 gas stations that allow the supply the country.