Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) acted as legal counsel to YPF S.A. (“YPF”) in the association agreement with Eni Uruguay Ltd. (“Eni”) for the joint exploration of the OFF-5 block, located in deep waters approximately 200 kilometers off the coast of Uruguay.
The OFF-5 block covers an area of roughly 17,000 km² and reaches water depths of up to 4,100 meters. According to recent studies, it exhibits geological features comparable to the Orange Basin in Namibia, where several significant oil and gas discoveries have been made.
By means of this agreement, Eni will acquire a 50% participating interest and will assume operatorship upon closing of the transaction, which remains subject to approval by Uruguayan authorities. This partnership strengthens international cooperation in offshore projects and is set within a region with substantial exploratory potential. Furthermore, it works synergetically with the mega project already underway between the two companies to liquefy natural gas from the Vaca Muerta formation and export LNG to the world.
Horacio Marín, President and CEO of YPF, stated: “This agreement with Eni allows us to take a major step toward offshore exploration. We are incorporating global knowledge and capabilities that position us to seize opportunities in a region with significant potential, reaffirming our vision for growth and leadership in innovative projects.”
The transaction includes a potential initial investment estimated at approximately USD 200 million.
PAGBAM once again proves its ability to act in highly complex technical and regulatory transactions, consolidating its position as one of the leading firms in comprehensive legal advisory services for large-scale international energy projects.
Legal counsel to YPF
Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) in Argentina: team led by partner Francisco Javier Romano, supported by counselor Tomás Fernández Madero and associate Abril Torres.
Ferrere in Uruguay: partner Manuel Lecuona and associate Federico Rodríguez Puig.
In-house counsel: Máximo Gómez Berard and Jesica Benita Juri.
Legal counsel to Eni
In-house counsel: Zhomart Sarsenbay.
