Chile Oil and Gas Report Q4 2016

Publisher Name :
Date: 31-Aug-2016
No. of pages: 90

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 Petróleo (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 Coirón 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.

Chile Oil and Gas Report Q4 2016

Table of Contents

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

List of Tables

Table: Headline Forecasts (Chile 2014-2020)
Table: Key Upstream Projects In Chile
Table: GeoPark Holdings In Chile, Summary By Block
Table: Oil Production (Chile 2014-2019)
Table: Oil Production (Chile 2020-2025)
Table: Gas Production (Chile 2014-2019)
Table: Gas Production (Chile 2020-2025)
Table: Refining Capacity and Refined Products Production (Chile 2014-2019)
Table: Refining Capacity and Refined Products Production (Chile 2020-2025)
Table: Refined Products Consumption* (Chile 2014-2019)
Table: Refined Products Consumption* (Chile 2020-2025)
Table: Gas Consumption (Chile 2014-2019)
Table: Gas Consumption (Chile 2020-2025)
Table: Crude Oil Net Exports (Chile 2014-2020)
Table: Crude Oil Net Exports (Chile 2020-2025)
Table: Refined Fuels Net Exports (Chile 2014-2019)
Table: Refined Fuels Net Exports (Chile 2020-2025)
Table: Gas Net Exports (Chile 2014-2019)
Table: Gas Net Exports (Chile 2020-2025)
Table: Latin America - Composite Risk/Reward Index
Table: Latin America - Upstream Risk/Reward Index
Table: Latin America Downstream Risk/Reward Index
Table: Refineries In Chile
Table: LNG Terminals In Chile
Table: Chile - Key Players
Table: Chile - Key Upstream Players
Table: Chile - Key Downstream Players
Table: Table: Major Assets In Chile
Table: Table: Key Financial Data (USDmn)
Table: Latin America Oil and Gas Production, Refining Capacity and Trade, 2014-2025
Table: Glossary Of Terms
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
Table: Weighting
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