Overview
- Eni Uruguay Ltd will acquire a 50% stake in OFF-5 and become operator after the transaction closes, subject to regulatory approval in Uruguay.
- OFF-5 lies about 200 km off Uruguay in the Punta del Este Basin, covers roughly 17,000 km², and reaches water depths of up to 4,100 meters.
- YPF and Eni cite studies pointing to geological similarities with Namibia’s Orange Basin, indicating potential but not proven resources.
- YPF CEO Horacio Marín said Eni will analyze 3D seismic across the block and that a decision on whether to drill could come by year-end.
- The partnership builds on the companies’ Argentina LNG collaboration, while deepwater exploration remains high-cost with low success rates and recent regional wells, including Equinor’s CAN-100, yielded dry results.