GeoPark Holdings has revealed the discovery of the new Palos Quemados gas field on the Tranquilo block in Chile in the southern region of Magallanes. The Palos Quemados field is the first gas discovery in the Tranquilo Block by GeoPark and the first hydrocarbon discovery in the Magallanes Fold and Thrust Belt in more than 40 years.
Economic activity in Chile grew 4.7% in December from the year earlier on gains in the service and retail industries, and ended the twelve months of 2012 with an expansion of 5.5% over the previous year according to Central bank data.
The outlook for Southern Cone Banks is mixed in 2013, with a stable outlook for Chile and Uruguay, while Argentina faces a negative outlook and the potential for downgrades, according to a new Fitch Ratings report.
Chilean President Sebastian Piñera pledged to work with “maximum urgency” on a bill that would grant constitutional recognition to the country's indigenous groups. Piñera also announced the creation of an indigenous peoples' council that fully represents “their history, traditions, culture” and via which “they could raise their strong and clear voice about their future.”
The Chilean government started contacts in an attempt to ease tension and find solutions to the escalating conflict with the indigenous Mapuche in the southern province of La Araucania which has seen killings and properties torched.
Chile received a total of 3.5 million foreign tourists in 2012, a 13% hike over the year before and an all-time record. The 13% gain far outpaced the 6% increase that Latin America scored as a whole last year, Chile's deputy secretary for tourism, Jacqueline Plass, said.
Government expenditure in Chile expanded an estimated 5% last year while the economy grew 5.5%, making it the second consecutive year in which the economy outperforms outlays.
President Sebastián Piñera is considering declaring the state of emergency in the Araucanía region, in southern Chile, where six arson attacks which cost the lives of two people took place since Friday, Interior Minister Andrés Chadwick said.
The number of tourist arrivals in Chile increased 15.9% in the first nine months of the year (Jan/September) totalling 2.565.525, according to the Federation of Tourism Enterprises, which represents “an excellent accumulated growth”.
Chile’s Justice Minister Teodoro Ribera resigned on Monday amid allegations he has ties to a former director of the country’s accreditation committee, or CNA, which improperly authorized some universities to operate.