This bucket B portfolio move deepens Eni presence on Uruguay Atlantic margin as APA Corporation brings the Italian major into the OFF-6 block ahead of a first exploration well planned for 2027.
APA will retain a 60% working interest in OFF-6. Eni will fund most of that initial well, according to Offshore Energy, which reported the farm in agreement between the Texas headquartered operator and Eni.
APA chief executive John J. Christmann IV said the company was pleased to welcome Eni as a strategic partner on OFF-6 while it continues to advance what it calls one of the industry most differentiated exploration portfolios, including a pending Savant acquisition in Alaska.
Eni already holds a path into nearby OFF-5, where it is securing a 50% interest and operatorship with Argentina YPF through the MIWEN subsidiary. Together the positions put Eni across two adjacent deepwater blocks as Uruguay prepares for its first meaningful offshore drill program in years.
For the wider industry the deal signals continued major interest in underexplored South Atlantic acreage outside the better known Guyana and Suriname fairways. A farm in that carries most of the well cost also shows how independents are sharing frontier risk with larger balance sheets before spud.