• 25 mins Kinder Morgan Warns About Trans Mountain Delays
  • 7 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 12 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 16 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 22 hours Conflicting News Spurs Doubt On Aramco IPO
  • 23 hours Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 8 days Surprise Oil Inventory Build Shocks Markets
  • 8 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Chile’s ENAP Begins Exploration In Magallanes With ConocoPhillips

Offshore Rig

Empresa Nacional del Petroleo of Chile has signed a contract with ConocoPhillips (COP) to jointly explore and exploit oil and gas deposits in the Magallanes region, according to a source “familiar with the agreement” cited by Upstream.

The state-run firm will retain a 51 percent stake in all fields found in the remote region, Reuters reported, based on an anonymous source.

In total, Houston-based COP will invest between $70 and $100 million in Chile, depending on the success of the various stages of the process as they are carried out over the next four years.

The two firms had been working together to complete geographical and geological studies in the region of interest since August 2014. Bloomberg reported that ENAP spent $100 million in oil and gas exploration efforts in 2013 alone.

At the time, ENAP CEO Marcelo Tokman stressed that the agreement was an additional initiative to strengthen the exploration of unconventional oil and gas resources in the southern region.

“Our commitment to Magallanes is to ensure the supply of gas in the long term,” Tokman said in a press release, adding that he partnered with the American firm for its access to advanced technologies and scientific resources.

The CEO of ENAP spoke to the local newspaper La Tercera earlier this month and spoke of a plan to solicit $800 million from foreign investors to fund the natural gas exploration in Magallanes.

Related: What Future Does Arctic Oil Have?

On Monday, Sunday Times broke the news that COP rejected a takeover deal from Ineos Chemicals. The buyers had been interested in the oil major’s North Sea assets near Britain.

COP has reportedly planned to shut down its North Sea pipeline network, prompting Ineos to offer a buyout. The acquisition would have complemented the chemical company’s recent gas field purchases from LetterOne, worth 500 million euros.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News