Eni SPA has finalized a previously signed deal with YPF SA subsidiary Miwen SA and the Uruguayan National Oil Co. (ANCAP) for entry in OFF-5 exploration block in Punta del Este basin offshore Uruguay.

Following approval of the deal by the Uruguayan authorities, Eni now holds a 50% share in and operatorship of exploration Block OFF-5, on behalf of partner Miwen, which holds the remaining 50% interes in the block, Eni said in a release Aug. 29.

The OFF-5 block is currently in its first exploration period, and studies are underway to mature the area's hydrocarbon potential, according to the Italian operator.

Upon announcing the completed transaction, Eni said it will apply its proprietary technologies to accelerate and maximize the value of activities in the OFF-5 block.

Alongside confirming completion of the OFF-5 block deal, Eni said it has also recently reached an agreement to acquire a 40% interest in the adjacent OFF-6 block, currently operated by APA Corp.

Under the OFF-6 block agreement, Eni will become a strategic partner in the block and fund most of the initial exploration well planned for 2027, APA said in a release Aug. 5.

While neither APA nor Eni revealed a timeline for completion of the proposed transaction or its proposed terms, APA said it will retain a 60% working interest in the OFF-6 block upon finalizing the deal.