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International Companies to Join ENAP in New CEOPs

Source: www.gulfoilandgas.com 12/20/2010, Location: South America

The board has approved the start of a process of inviting international oil companies to become partners with ENAP in hydrocarbons exploration in 5 areas located on Tierra del Fuego Island in Chileís Region of Magallanes and Antarctic.

This process will result in the selection by ENAP of oil companies with which it will propose and request from the Chilean state the signing of Special Petroleum Operations Contracts (CEOPs) with respect to each of the areas offered. These areas are Isla Norte, Campanario, Flamenco, San Sebastian and Marazzi-Lago Mercedes.

The association with oil companies will enable the start of exploration in these areas through the acquisition of tri-dimensional seismic studies and the drilling of exploratory wells which, if successful, will permit a future increase in reserves and production of hydrocarbons.

Hydrocarbons were discovered in the Marazzi-Lago Mercedes block which could not be exploited due to the great technical complexity of managing the reservoir rock and the distance and absence of production infrastructure in this part of the Island of Tierra del Fuego.

ENAP has participated in four CEOPs since 2008 in association with international companies in the Coiron, Caupolican, Lenga and Dorado Riquelme blocks, all in Chileís 12th Region of Magallanes.

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