Chile Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025
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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
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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
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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
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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
GeoPark Ltd
Greymouth Petroleum Ltd
Methanex Corp
Pluspetrol Resources Corp NV
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Frequently asked questions
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What was the oil and condensate production capacity of Chile in 2020?
Chile’s total gross crude oil and condensate production capacity in 2020 was 2.1 thousand barrels per day (kbd)
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What is the growth rate of Chile’s oil and condensate production?
Chile’s oil and condensate production is expected to decline by a CAGR of more than -9% during 2021-2025.
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What is the natural gas production capacity of Chile in 2020?
The marketed natural gas production capacity of Chile in 2020 was 141 million cubic feet per day (mmcfd).
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What is the growth rate of Chile’s natural gas production?
Chile’s natural gas production is expected to decline by a CAGR of more than -10% during the forecast period 2021-2025.
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Who are the major players in the Chilean exploration & production sector?
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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