• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 18 hours Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 4 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 56 mins L.A. Mayor Ditches Gas Plant Plans
  • 34 mins students walk out of school in protest of climate change
  • 19 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 5 mins *Happy Dance* ... U.S. Shale Oil Slowdown
  • 14 mins Prospective Cause of Little Ice Age
  • 5 hours Ford In Big Trouble: Three Recalls In North America
  • 1 day And the War on LNG is Now On
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 2 hours Is the Green race a race from energy dependence.
  • 5 hours Why Is Japan Not a Leader in Renewables?
Maduro Asks OPEC For Help As U.S. Sanctions Bite

Maduro Asks OPEC For Help As U.S. Sanctions Bite

Venezuela’s President Nicolas Maduro has…

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