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Chile Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025

Chile’s total gross crude oil and condensate production capacity in 2020 was 2.1 thousand barrels per day (kbd), which is expected to decline at a CAGR of more than -9% during the forecast period 2021-2025. The country’s energy industry is dominated by onshore natural gas production from the Magallanes Basin in the Magallanes Region. The largest project in Chile is the dry natural gas Arenal Complex, 100% owned and operated by Empresa Nacional del Petroleo (ENAP), the state-owned integrated oil and gas company. Crude oil and condensate are produced in much smaller quantities, accounting for just over 8% of the country’s total production in 2020. Liquid production stems from Fell Complex, Caupolican Complex, and other smaller fields combined.

Chile crude oil and condensate production overview

For more insights on this report, download a free report sampleChile crude oil and condensate production overview

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What are the market dynamics of the Chilean exploration & production sector?

As a net importer of energy products, the Chilean government endeavored to create a successful oil and gas industry through its 2007 Magallanes Exploration and Production (E&P) round and licensed 10 blocks. To date, activities in the country have not generated significant discoveries to emancipate Chile from import dependence. However, in 2014, the government, led by Sebastián Piñera, created an energy agenda that would provide for a cleaner, cheaper, and more sustainable power generation supply to meet long-term growth needs, moving away from conventional, non-renewable sources. The energy agenda re-started the solar energy research and development program promoting industrial innovation improved bidding process regulations and redesigned the long-term and short-term bidding conditions, making a more competitive environment to attract new investors. In December 2015, the energy agenda was updated and renamed Energy 2050 Agenda with a cornerstone policy update of 70% of Chile’s energy sources to be supplied from non-conventional renewable energy sources. The Chilean government has made a concerted effort in developing policies and investing heavily in a sustainable energy future that has allowed the country to capitalize and lead in the rapidly developing energy transition space.

No upcoming oil and gas bid rounds have been announced by the Chilean Government through GeoPark is likely to continue its exploration and production work program in 2022. Notably, however, the country in Q3 2021 received 10 bids in the world’s first national hydrogen tender, leveraging wind and solar renewable energy sources. The Chilean government as part of its national plan aims to become carbon neutral by 2050 and has seen bids from Enel Green Power, CAP, Engie, GNL Quintero, IMELSA Energa, Linde, Hydrogène de France, Sociedad de Inversiones Albatros, Air Liquide Chile, and the Copenhagen Infrastructure Energy Transition Fund. The winning tender/s will receive up to $30 million in project financing. The government will spend up to $50 million and the project once the bid/s is selected is carded to commence hydrogen production by 2025 with a minimum capacity of 10 MW per project. Hydrogen activity will focus on Atacama and Antofagasta regions in the north, Valparaiso and Aysén in the central region, and Magallanes in the south.

Chile intends over the long term to become the world’s premier exporter of green fuel. This initiative aligns with the country’s external global commitments. During the COP26 conference in Glasgow, United Kingdom in October 2020, Chile among 46 countries, five subnational, and 26 organizations pledged in total or in part to the Global Coal to Clean Power Transition initiative.

What are the key categories of Chile’s crude oil and natural gas production?

By terrain, the Chilean crude oil and natural gas production is categorized into onshore and unspecified.  The unspecified category accounted for the largest share in crude oil production, while the onshore category dominated Chile’s natural gas production in 2020. The major assets in Chile’s crude oil and condensate production include Caupolican Complex, Fell Complex, and Flamenco Complex. Similarly, the major assets of Chile’s marketed natural gas production include Arenal Complex, Fell Complex, and Tranquilo.

Chile exploration & production sector, by terrain type

Chile exploration & production sector, by terrain type

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Which are the major companies in the Chilean exploration & production sector?

The key companies in Chile’s crude oil and condensate production sector include Empresa Nacional del Petroleo, GeoPark Ltd, and Greymouth Petroleum Ltd. The major companies in Chile’s natural gas production sector are Empresa Nacional del Petroleo, GeoPark Ltd, and Methanex Corp. Empresa Nacional del Petroleo was the leading company in the natural gas production sector, while GeoPark Ltd led the crude oil and condensate production sectors in Chile, in 2020. Empresa Nacional del Petroleo is expected to outperform GeoPark Ltd in the crude oil and condensate production sector during the forecast period.

Chile exploration & production sector, by key players

Chile exploration & production sector, by key players

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Market report scope

Market Size (Year – 2020) Crude oil and condensate production: 2.1 kbd
Growth Crude oil and condensate production: CAGR >-9% during 2021-2025
Base year for estimation 2020
Key categories Onshore and unspecified
Key Companies Empresa Nacional del Petroleo, GeoPark Ltd, Greymouth Petroleum Ltd., Methanex Corp, and Pluspetrol Resources Corp NV

This report provides an overview of the Chilean exploration & production sector. The report includes:

  • Key details of active and upcoming oil and gas assets in the country
  • Recently licensed blocks details, licensed blocks count by company, and latest discoveries
  • Latest mergers and acquisitions, and awarded contracts related to the E&P sector in the country

Reasons to Buy

  • Gain a strong understanding of Chile’s E&P sector
  • Facilitate decision making based on strong historical and outlook of oil and gas production data, licensed blocks details, and discoveries
  • Assess your competitor’s production outlook and licensed blocks count in the country
  • Analyze the latest M&A landscape and awarded contracts related to the country’s E&P sector

Key Players

Empresa Nacional del Petroleo, GeoPark Ltd, Greymouth Petroleum Ltd, Methanex Corp, Pluspetrol Resources Corp NV

Table of Contents

|Table of Contents 3

|List of Tables 4

|List of Figures 5

Chile Exploration and Production Sector 6

Chile Exploration and Production Sector, Oil and Gas Production Outlook 6

Chile Exploration and Production Sector, Marketed Natural Gas Production by Terrain 9

Chile Exploration and Production Sector, Gross Crude Oil and Condensate Production by Assets 10

Chile Exploration and Production Sector, Marketed Natural Gas Production by Assets 11

Chile Exploration and Production Sector, Net Entitlement Crude Oil and Condensate Production by Major Companies 12

Chile Exploration and Production Sector, Net Entitlement Natural Gas Production by Major Companies 13

Chile Exploration and Production Sector, Active and Upcoming Oil and Gas Asset Details 14

Chile Exploration and Production Sector, Exploration 16

Chile Exploration and Production Sector, Total Licensed Blocks 16

Chile Exploration and Production Sector, Licensed Blocks by Company 16

Chile Exploration and Production Sector, Major Oil and Gas Discoveries 17

Chile Exploration and Production Sector, Number of Oil and Gas Discoveries, 2017 – 2021 17

Chile Exploration and Production Sector, Oil and Gas Discovery Details 18

Appendix 19

Methodology 19

Coverage 19

Secondary Research 19

|Contact Us 20

List of Tables

Chile, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Chile, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Chile, Gross Crude Oil and Condensate Production (bd), by Assets, 2016-2025 10

Chile, Marketed Natural Gas Production (mmcfd), by Assets, 2016-2026 11

Chile, Net Entitlement Crude Oil and Condensate Production (bd), by Major Companies, 2016 – 2025 12

Chile, Net Entitlement Natural Gas Production (mmcfd), by Major Companies, 2016 – 2025 13

Chile, Active and Upcoming Oil and Gas Field Assets Details 14

Chile, Total Licensed Blocks, 2010-2020 16

Chile, Licensed Blocks by Company, 2010-2020 16

Chile, Number of Oil and Gas Discoveries, 2017 – 2021 17

Chile, Oil and Gas Discovery Details, 2017 – 2021 18

List of Figures

Chile, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Chile, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Top 10 Fields in Chile by 2020 Crude Oil Production 10

Top 10 Fields in Chile by 2020 Natural Gas Production 11

Top 10 Companies in Chile by 2020 Crude Oil and Condensate Production 12

Top 10 Companies in Chile by 2020 Natural Gas Production 13

Chile, Active and Upcoming Oil and Gas Assets by Production Start Year 14

Chile, Number of Oil and Gas Discoveries, 2017 – 2021 17

Frequently Asked Questions

Chile’s total gross crude oil and condensate production capacity in 2020 was 2.1 thousand barrels per day (kbd)

 

 

 

 

Chile’s oil and condensate production is expected to decline by a CAGR of more than -9% during 2021-2025.

The marketed natural gas production capacity of Chile in 2020 was 141 million cubic feet per day (mmcfd).

Chile’s natural gas production is expected to decline by a CAGR of more than -10% during the forecast period 2021-2025.

The key companies in the Chilean exploration & production sector include Empresa Nacional del Petroleo, GeoPark Ltd, Greymouth Petroleum Ltd., Methanex Corp, and Pluspetrol Resources Corp NV.

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