Italian energy giant Eni has struck a deal with Texas-headquartered oil and gas company APA Corporation to acquire a stake in a block off the coast of Uruguay.
APA has signed an agreement with Eni, enabling the Italian firm to become a strategic partner in Block 6 offshore Uruguay.
As a result, the U.S. player will retain a 60% working interest, with Eni funding most of the initial exploration well planned for 2027.
John J. Christmann IV , APA’s CEO, commented: “We continued to advance one of the industry’s most differentiated exploration portfolios.
“The pending Savant acquisition in Alaska will secure critical infrastructure adjacent to our position and increase flexibility as we evaluate next steps. In Uruguay, we’re pleased to welcome Eni as a strategic partner in OFF-6.”
Eni entered Uruguay’s upstream arena by securing a 50% interest and operatorship of OFF-5, with YPF as the Italian giant’s partner through its subsidiary MIWEN.