Chile Oil and Gas Report

 Published On: Aug, 2016 |    No of Pages: 90 |  Published By: BMI Oil and Gas | Format: PDF
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BMI View: With a lack of below-ground rewards, Chile will suffer from a continued deficit of hydrocarbon supplies and a high dependence on imported energy feedstock. Chile's most immediate opportunities lie in the expansion of their LNG import facilities as a means to meet growing domestic demand. On a longerterm basis, Chile is exploring the possibility of tapping its unconventional resources in the Magallanes region, though we caution its development will remain challenging within a lower oil price environment.

Key trends and developments in the Chilean oil & gas sector are:
-On June 13, Chilean national oil company (NOC) Empresa Nacional Del Petroleo (ENAP) announced it had signed an agreement with US independent ConocoPhillips to explore for and produce natural gas in the south of the country. The agreement (known as CEOP) will target the Coiron block in the Magallanes region, with the NOC retaining a 51.0% operating stake in the project. The CEOP will allow ConocoPhillips to increase its upstream activity in phases, with investment expected to reach USD70-100mn over the next four years, depending on exploration and appraisal results within the play.
-The Mejilliones LNG import terminal received environmental approval for its USD40mn expansion project in July 2016. The project is expected to expand liquefaction capacity from 5.5mcm/d to 10mcm/d.
-In August, ENAP completed a USD700bn international bond issue with a yield of 3.951% and a coupon of 3.75%, maturing in 2026. This issuance was a record for the NOC for the highest dollar amount and lowest yield in the company's history.
-Chile will remain among Latin America's most advanced economies over the coming decade, supported by its strong fundamentals. Manufacturing and services will increasingly drive growth, as the end of the commodity boom dims the copper sector's outlook.

BMI Industry View ... 7
Table: Headline Forecasts (Chile 2014-2020) . . . . 7
SWOT ...... 8
Oil & Gas SWOT 8
Industry Forecast .. 10
Upstream Exploration 10
Latest Updates 10
Structural Trends ..... 10
Upstream Projects ..... 14
Table: Key Upstream Projects In Chile . . . . 14
Upstream Production - Oil ... 15
Latest Updates 15
Structural Trends ..... 15
Table: GeoPark Holdings In Chile, Summary By Block 18
Table: Oil Production (Chile 2014-2019) . . 18
Table: Oil Production (Chile 2020-2025) . . 18
Upstream Production - Gas .. 19
Latest Updates 19
Structural Trends ..... 19
Table: Gas Production (Chile 2014-2019) . 22
Table: Gas Production (Chile 2020-2025) . 22
Refining . 23
Latest Updates 23
Structural Trends ..... 23
Table: Refining Capacity and Refined Products Production (Chile 2014-2019) . . . . 25
Table: Refining Capacity and Refined Products Production (Chile 2020-2025) . . . . 25
Refined Fuels Consumption .. 26
Latest Updates 26
Structural Trends ..... 26
Table: Refined Products Consumption* (Chile 2014-2019) . . 27
Table: Refined Products Consumption* (Chile 2020-2025) . . 28
Gas Consumption ...... 29
Latest Updates 29
Structural Trends ..... 29
Table: Gas Consumption (Chile 2014-2019) . . . . . 30
Table: Gas Consumption (Chile 2020-2025) . . . . . 31
Trade - Oil ...... 32
Crude Oil: Latest Updates .. 32
Crude Oil: Structural Trends ........ 32
Table: Crude Oil Net Exports (Chile 2014-2020) 33
Table: Crude Oil Net Exports (Chile 2020-2025) 34
Refined Products: Latest Updates .. 34
Refined Products: Structural Trends ....... 34
Table: Refined Fuels Net Exports (Chile 2014-2019) . . 36
Table: Refined Fuels Net Exports (Chile 2020-2025) . . 36
Trade - Gas (Pipeline And LNG) .... 37
Latest Updates 37
Structural Trends ..... 37
Table: Gas Net Exports (Chile 2014-2019) . 40
Table: Gas Net Exports (Chile 2020-2025) . 41
Industry Risk Reward Index ... 42
Latin America - Oil & Gas Risk/Reward Index .... 42
Table: Latin America - Composite Risk/Reward Index . 42
Composite RRI: Continued Adjustments Level Off Rankings ... 43
Upstream RRI: Steady Scores Mask Forthcoming Shifts ........ 44
Table: Latin America - Upstream Risk/Reward Index . . 45
Downstream: NOC Dominance Will Reinforce Fuels Deficit .. 47
Table: Latin America Downstream Risk/Reward Index 49
Chile - Risk/Reward Index .... 50
Upstream Index ....... 50
Downstream Index ... 51
Market Overview ... 53
Energy Market Overview ..... 53
State Role And The New National Energy Policy 54
Investment Rounds ... 56
International Energy Relations ..... 57
Oil And Gas Infrastructure ... 60
Oil Refineries . 60
Table: Refineries In Chile 60
Service Stations ....... 61
Gas Pipelines . 61
LNG Terminals ........ 61
Table: LNG Terminals In Chile . 63
Competitive Landscape . 64
Competitive Landscape Summary .. 64
Table: Chile - Key Players . . . . . 65
Table: Chile - Key Upstream Players 65
Table: Chile - Key Downstream Players . . . 66
Company Profile .... 67
ENAP .... 67
Table: Table: Major Assets In Chile . . 68
Table: Table: Key Financial Data (USDmn) . . . . . 69
Regional Overview 70
Latin America Overview ...... 70
Table: Latin America Oil and Gas Production, Refining Capacity and Trade, 2014-2025 81
Glossary ........ 83
Table: Glossary Of Terms 83
Methodology . 85
Industry Forecast Methodology .... 85
Source . 87
Risk/Reward Index Methodology ... 87
Table: Bmi's Oil & Gas Upstream Risk/Reward Index . 89
Table: Weighting . . . 90
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