Eni acquired a 40% stake in Uruguay’s Off-6 exploration block. The Italian energy firm partnered with US-based Apa, which retains a 60% operating stake. Eni will finance the majority of the first exploration well. Drilling operations are scheduled to begin in 2027.
This agreement follows a November 2025 deal for the adjacent Off-5 block. Eni secured a 50% stake in that previous acquisition. The company’s total exploration area in offshore Uruguay now exceeds 33,000 square kilometers. Geologists identify the region as having high potential due to similarities with producing basins in Africa.
Uruguay is attracting other major international operators including Shell, Chevron, and QatarEnergy. Separately, Eni reported its latest routine purchase of treasury shares.