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Magallanes gas production reaches one million cubic metres per day

Wednesday, April 8th 2009 - 01:10 UTC
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Methanex plant at Punta Arenas Methanex plant at Punta Arenas

Oil and gas company Geopark which operates in the extreme south of Chile announced this week it had reached a daily extraction of a million cubic metres of natural gas, equivalent to 20% of Chilean production, making her the country’s largest private producer.

The company which has extensive interests in the oil and gas industry of Argentina and Chile has invested over 140 million US dollars in the development of the Fell field in Magallanes region, thus helping to cut Chilean overseas dependency and bring hope to the huge methanol plant (Methanex) near Punta Arenas which has seen production curtailed because of limited gas supply from Argentina.

The announcement was done by Geopark CEO James F. Park and Mining minister Santiago González.

Mr. Park said that the twelve of the last thirteen wells drilled in the Fell field had been commercially productive, “which means benefits for Chile, strengthening local hydrocarbons production and contributing to the supply of energy and to the development of Magallanes with new jobs and contracting local companies and services”.

All the natural gas production is supplied to Methanex, based on a strategic alliance, while oil production, 160 cubic metres daily is delivered to Chile’s government owned oil and gas corporation ENAP, said Mr. Park.

“We trust Geopark will continue to be successful at the Fell field as well as in the Tranquilo and Otway blocks where the company has begun to drill as operator with other parties”, said Minister Gonzalez.

“This only confirms government policies success in attracting private investors for the exploration and exploitation of hydrocarbons in the Magallanes basin, such is the case of Geopark and the development of the Fell field”, added the Chilean minister.

Categories: Energy & Oil, Latin America.

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