YPF and Eni announced the signing of a landmark agreement to jointly explore the OFF-5 block, located about 200 kilometers (124 miles) off the coast of Uruguay. This is a strategic area of the South Atlantic due to its geological potential and the growing attention drawn by the region's deepwater basins.
The area covers 17,000 km² (6,564 square miles) in waters with depths reaching 4,100 meters (13,451 feet), a scale comparable to the world's most challenging and promising offshore projects. The signing of the agreement marks a decisive step for YPF in its strategy to expand into marine developments, adding top-tier operational capabilities alongside a global company like Eni.
A block with potential similar to Namibia's Orange Basin
Interest in OFF-5 is supported by recent studies indicating geological similarities with the Orange Basin, located on the African margin in Namibia, where in recent years internationally significant oil discoveries have been made.
Both margins shared the same evolution before the continental separation, and the similarities observed after the opening of the Atlantic provide strong evidence of high exploratory potential in the American Margin. These types of geological features make the Uruguayan block a strategic point within the regional energy map.
YPF adds global capabilities to advance innovative projects
Horacio Marín, president and CEO of YPF, highlighted the significance of the agreement: "This agreement with Eni allows us to take a step toward offshore exploration. We're incorporating global knowledge and capabilities that position us to seize opportunities in a region with great potential, reaffirming our vision of growth and leadership in innovative projects."
