Chile Oil & Gas Report

Providing expert analysis, independent forecasts and competitive intelligence on the oil and gas industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Oil & Gas Risk Reward Index, Market Summary, Economic Forecasts, Company Profiles, Competitive Landscape and Global and Regional Overview.

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Chile Oil & Gas Report
Product Price
$1,295.00

BMI View: Limited prospectivity and nascent exploration of unconventional resources will maintain Chile's heavy reliance on energy imports for the foreseeable future. The Magallanes region will continue to remain the focal point of hydrocarbon exploration and production activities, though achieving significant progress will be challenged by lower oil prices and corresponding spending pullbacks among upstream firms.

Headline Forecasts (Chile 2014-2020)
2014 2015 2016f 2017f 2018f 2019f 2020f
f = BMI forecast. Source: JODI, BMI
Crude, NGPL & other liquids prod, 000b/d 8.8 7.9 7.5 7.6 7.6 7.7 7.7
Refined products production, 000b/d 212.3 218.5 220.7 224.0 227.4 230.8 233.1
Refined products consumption & ethanol, 000b/d 321.8 338.6 348.7 359.2 370.0 382.9 396.3
Dry natural gas production, bcm 0.9 1.1 1.1 1.1 1.1 1.1 1.1
Dry natural gas consumption, bcm 4.6 4.5 4.7 4.8 5.0 5.1 5.3
Brent, USD/bbl 99.50 53.60 45.50 55.00 68.00 65.00 67.00

Latest Updates And Key Forecasts

  • The Magallanes region will continue to remain the focal point of hydrocarbon exploration and production in Chile. On June 13, Chilean national oil company (NOC) Empresa Nacional Del Petroleo (ENAP) announced it had signed an agreement with US independent ConocoPhillips to explore for and produce natural gas in the region, with the NOC retaining a 51.0% operating stake in the project.

  • The CEOP will allow ConocoPhillips to increase its upstream activity in phases, with investment expected to reach USD70-100mn over the next four years, depending on exploration and appraisal results within the play.

  • The expansion of the Panama Canal in June 2016 could pave the way for a significant upsurge in LNG imports from the US. Over the first 10 months of 2016, LNG supplies from the US accounted for 20.3% of total imports, second only to Trinidad & Tobago.

  • Chile exported 4.5mn cubic meters of natural gas to Argentina over May-September 2016, to help the latter offset rising gas demand for heating over the southern hemisphere winter months.

  • Emphasis on fiscal prudence will see Chile raise government spending by the least in 14 years in 2017, which could adversely impact demand for refined fuels. Nonetheless, the long-term macroeconomic outlook remains positive, with real GDP growth set to average 3.7% per annum through to 2025.

BMI Industry View
7
Table: Headline Forecasts (Chile 2014-2020)
7
SWOT
8
Oil & Gas SWOT
8
Industry Forecast
10
Upstream Exploration
10
Latest Updates
10
Structural Trends
10
Upstream Projects
14
Table: Key Upstream Projects In Chile
14
Upstream Production - Oil
15
Latest Updates
15
Structural Trends
15
Table: GeoPark Holdings In Chile, Summary By Block
18
Table: Oil Production (Chile 2014-2019)
18
Table: Oil Production (Chile 2020-2025)
18
Upstream Production - Gas
19
Latest Updates
19
Structural Trends
19
Table: Gas Production (Chile 2014-2019)
22
Table: Gas Production (Chile 2020-2025)
22
Refining
23
Latest Updates
23
Structural Trends
23
Table: Refining Capacity and Refined Products Production (Chile 2014-2019)
25
Table: Refining Capacity and Refined Products Production (Chile 2020-2025)
25
Refined Fuels Consumption
26
Latest Updates
26
Structural Trends
26
Table: Refined Products Consumption* (Chile 2014-2019)
27
Table: Refined Products Consumption* (Chile 2020-2025)
28
Gas Consumption
29
Latest Updates
29
Structural Trends
29
Table: Gas Consumption (Chile 2014-2019)
30
Table: Gas Consumption (Chile 2020-2025)
31
Trade - Oil
32
Crude Oil: Latest Updates
32
Crude Oil: Structural Trends
32
Table: Crude Oil Net Exports (Chile 2014-2020)
33
Table: Crude Oil Net Exports (Chile 2020-2025)
34
Refined Products: Latest Updates
34
Refined Products: Structural Trends
34
Table: Refined Fuels Net Exports (Chile 2014-2019)
36
Table: Refined Fuels Net Exports (Chile 2020-2025)
36
Trade - Gas (Pipeline And LNG)
37
Latest Updates
37
Structural Trends
37
Table: Gas Net Exports (Chile 2014-2019)
40
Table: Gas Net Exports (Chile 2020-2025)
41
Industry Risk Reward Index
42
Latin America - Oil & Gas Risk/Reward Index
42
Table: Latin America - Composite Risk/Reward Index
42
Composite RRI: Continued Adjustments Level Off Rankings
43
Upstream RRI: Steady Scores Mask Forthcoming Shifts
44
Table: Latin America - Upstream Risk/Reward Index
45
Downstream: NOC Dominance Will Reinforce Fuels Deficit
47
Table: Latin America Downstream Risk/Reward Index
49
Chile - Risk/Reward Index
50
Upstream Index
50
Downstream Index
51
Market Overview
53
Energy Market Overview
53
State Role And The New National Energy Policy
54
Investment Rounds
56
International Energy Relations
57
Oil And Gas Infrastructure
60
Oil Refineries
60
Table: Refineries In Chile
60
Service Stations
61
Gas Pipelines
61
LNG Terminals
61
Table: LNG Terminals In Chile
63
Competitive Landscape
64
Competitive Landscape Summary
64
Table: Chile - Key Players
65
Table: Chile - Key Upstream Players
65
Table: Chile - Key Downstream Players
66
Company Profile
67
ENAP
67
Table: Table: Major Assets In Chile
68
Table: Table: Key Financial Data (USDmn)
69
Regional Overview
70
Latin America Overview
70
Table: Latin America Oil and Gas Production, Refining Capacity and Trade, 2014-2025
81
Glossary
83
Table: Glossary Of Terms
83
Methodology
85
Industry Forecast Methodology
85
Source
87
Risk/Reward Index Methodology
87
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
89
Table: Weighting
90

The Chile Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Chile including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Chile Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Chilean oil and gas industry.

Key Benefits

  • Benchmark BMI's independent oil and gas industry forecasts for Chile to test consensus views - a key input for successful budgeting and strategic business planning in the Chilean oil and gas market.
  • Target business opportunities and risks in the Chilean oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Chile.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the upstream and downstream sectors and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series and forecasts to end-2024 for all key industry indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecast:

  • Pricing: Oil price (USD/bbl, WTI, Brent, OPEC basket, Urals); oil products prices (unleaded gasoline, gasoil/diesel, jet/kerosene – USD/bbl) at global hubs.
  • Production, Consumption, Capacity & Reserves: Proven oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (‘000b/d); proven gas reserves (tcm), production and consumption (bcm) and fuels trade.
  • Imports & Exports: Crude oil exports/imports (‘000s b/d) and value of crude oil trade in USD. Fuels exports/imports (‘000s b/d) and value of fuels trade in USD. Natural gas imports/exports (bcm), by pipeline and/or LNG, and value of natural gas trade.

BMI’s Oil & Gas Risk Reward Index

BMI’s Risk Reward Indices provide investors (independents, NOCs, IOCs, oil services companies) looking for opportunities in the region with a clear country-comparative assessment of the upstream and downstream market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Overview

A profile of the upstream and downstream sectors, including analysis of reserves, output, consumption and trade of energy products; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Competitive landscape

Comparative company analyses by USD sales, % share of total sales, number of employees, year established, ownership structure, oil production (‘000b/d), gas production (bcm), downstream capacity (‘000b/d) and % market share.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Regional Overview

Regional perspective on size and value of the industry. Plus comparative rankings by production, refining, imports and exports of oil, gas and LNG.

Global Oil Market & Oil Products Outlook

Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2024 for oil, gas and oil products.

Sources

The Oil & gas Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.