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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