Magallanes region in the extreme south of Chile suffered an abrupt and unexpected drop in economic activity during the second quarter of this year according to the latest release from the country's stats office, INE.
Oil company GeoPark which operates in Magallanes, extreme south of Chile, reiterated its commitment and long term investment in the region but also announced the redundancy of 30 staff, first time in twelve years, because of a restructuring of the company to the new global oil industry scenario.
Oil and gas explorer GeoPark expects to end the year having drilled 35 wells in Chilean Magallanes and Tierra del Fuego, which must be added to the 560 million dollars the company has invested in the region since it began operations in 2006, said the company in an economic impact report presented by consultants Gemines.
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.
Latin American independent oil and gas explorer GeoPark Holdings Ltd is planning a major expansion of its activities in 19 licensed blocks in three countries with the purpose of significantly increasing oil and gas production in the next 18 months, according to a report released by the company.
Chile’ oil and gas company ENAP announced Monday the discovery of natural gas at a recently drilled well in the Arenal block to the north-west of Espora Peninsula, Tierra del Fuego.
GeoPark oil and gas company with operations in Latin America announced in a joint release the definitive sale of oil and gas exploration and production blocks in the south of Chile to the Korean conglomerate LG International Corporation.
Latin American oil and gas company GeoPark Holdings which operates in Argentina and Chile, will sell a 10% stake in GeoPark Chile Ltd for 70 million US dollars to a unit of Korea's LG Corp. The transaction is expected to close in the second quarter of 2011, GeoPark said.
Latin American oil and gas firm GeoPark Holdings Ltd said on Thursday it successfully drilled and tested a new well in the Guanaco oil field on the Fell Block in the extreme south of Chile.
Argentine based GeoPark Holdings (LON:GPK) has reported the successful testing of two new wells on the Fell Block in southern Chile.