• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 3 mins Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 2 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 12 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 6 hours Let's shut down dissent like The Conversation in Australia
  • 20 hours Saudis Buying Oil From Iraq
  • 2 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 1 hour Trump Accidentally Discusses Technology Used In The Border Wall
  • 12 hours Hong Kong protesters appeal to Trump for support.
  • 5 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 3 mins Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 21 hours Saudis Confirm a Cruise Missile from Iranian Origin
  • 21 hours Donald Trump Proposes Harnessing Liberal Tears To Provide Clean Energy
  • 5 hours Iran in the world market
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
Download on the App Store Get it on Google Play