The Chilean National Oil Company, ENAP, and US exploration and production company, ConocoPhillips, signed a technical agreement aiming to jointly conduct geological, geophysical and engineering studies to determine the potential for unconventional hydrocarbon resources in the Magallanes region in Southern Chile.
This agreement between the two companies was finally reached after meetings held by the ENAP CEO, Marcelo Tokman, during his recent trip to the USA accompanied by the Chilean Minister of Energy, Maximo Pacheco, together with other businessmen from the Chilean energy sector.
In particular ConocoPhillips will contribute with its technical expertise and technology in the development of these studies to define areas of interest for the exploration and exploitation of Unconventional oil and natural gas.
Representing ENAP was Marcelo Tokman, chief executive of ENAP, while the U.S. company was represented by David Jones, vice president of ConocoPhillips Ventures Limited for South America.
ENAP CEO Marcelo Tokman stressed that this agreement was an additional initiative to the effort already being developed by ENAP to strengthen the exploration and exploitation of unconventional oil and gas in the region. “Our commitment to Magallanes is to ensure the supply of gas in the long term,” said Tokman.
Press Release, August 11, 2014; Image: ENAP