Chile Oil & Gas Report

Published 14 May 2015

  • 127 pages
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  • Includes 3 free updated quarterly reports
$1,295.00
Chile Oil & Gas Report

BMI View: Given a lack of below-ground potential, Chile suffers from a severe deficit of hydrocarbon supplies and a high dependence on imported energy feedstock. Chile's most immediate opportunities lie in the expansion of their liquefied natural gas (LNG) import facilities as a means to meet growing domestic demand . On a longer-term basis, Chile is exploring the possibility of tapping is unconventional resources in the Magallanes region, though we caution its development has grown increasingly unlikely amid a lower oil price environment.

Headline Forecasts (Chile 2013-2019)
2013 2014e 2015f 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: BMI, EIA
Crude, NGPL & other liquids prod, 000b/d 10.6 8.9 8.9 8.9 8.9 9.0 9.0
Refined products production & ethanol, 000b/d 199.0 201.0 203.0 205.0 208.1 211.2 214.4
Refined products consumption & ethanol, 000b/d 340.0 348.5 357.2 367.9 379.0 390.3 404.0
Dry natural gas production, bcm 0.9 0.9 0.9 0.9 0.9 0.9 1.0
Dry natural gas consumption, bcm 4.7 4.8 4.9 5.1 5.3 5.4 5.6

Key trends and developments in the Chilean oil and gas sector are:

  • Chile's attractive fiscal regime, favourable regulatory environment, and stable macroeconomic growth have been unable to spur significant investment into the country's oil and gas sector due to poor below-ground rewards. Chile has experienced varying degrees of output growth over the past several years, and while the country is making broad efforts to expand capacity, we forecast only slight growth over the next decade.

  • Returning to power after a one-term hiatus, centre-left President Michelle Bachelet unveiled a new national energy strategy in the spring of 2014, allocating USD650mn in capital spending plans. . Bachelet has announced plans for national oil company Empresa Nacional del Petroleo (ENAP) to lead...

BMI Industry View
7
Table: Headline Forecasts (Chile 2013-2019)
7
SWOT
9
Oil & Gas SWOT
9
Industry Forecast
11
Upstream Exploration
11
Table: Proven Oil and Gas Reserves (Chile 2013-2018)
11
Table: Proven Oil and Gas Reserves (Chile 2019-2024)
11
Upstream Projects
16
Table: Key Upstream Projects In Chile
16
Upstream Production - Oil
16
Table: Oil Production (Chile 2013-2018)
16
Table: Oil Production (Chile 2019-2024)
17
Table: GeoPark Holdings In Chile, Summary By Block
20
Upstream Production - Gas
21
Table: Gas Production (Chile 2013-2018)
21
Table: Gas Production (Chile 2019-2024)
21
Refining
24
Table: Refining Capacity and Refined Products Production (Chile 2013-2018)
24
Table: Refining Capacity and Refined Products Production (Chile 2019-2024)
24
Refined Fuels Consumption
27
Table: Refined Products Consumption* (Chile 2013-2018)
27
Table: Refined Products Consumption* (Chile 2019-2024)
27
Gas Consumption
29
Table: Gas Consumption (Chile 2013-2018)
29
Table: Gas Consumption (Chile 2019-2024)
29
Trade - Oil
32
Table: Crude Oil Net Exports (Chile 2013-2018)
32
Table: Crude Oil Net Exports (Chile 2019-2024)
32
Table: Refined Fuels Net Exports (Chile 2013-2018)
34
Table: Refined Fuels Net Exports (Chile 2019-2024)
34
Table: Total Net Oil Exports - Crude and Products (Chile 2013-2018)
36
Table: Total Net Oil Exports - Crude and Products (Chile 2019-2024)
36
Trade - Gas (Pipeline and LNG)
37
Table: Gas Net Exports (Chile 2013-2018)
37
Table: Gas Net Exports (Chile 2019-2024)
37
Industry Risk Reward Ratings
41
Latin America - Risk/Reward Index
41
Table: Latin America Composite Risk/Reward Index, Out of 100
42
Upstream Risk/Reward Index: Reforms Prompting A Shake Up
44
Table: Latin America Upstream Risk/Reward Index, Out of 100
44
Downstream: Medium-Term Outlook Reinforces Current Dynamics
47
Table: Latin America Downstream Risk/Reward Index, Out of 100
49
Chile - Risk/Reward Index
50
Market Overview
53
Chile Energy Market Overview
53
Overview
53
State Role And The New National Energy Policy
54
Investment Rounds
56
International Energy Relations
57
Oil And Gas Infrastructure
59
Oil Refineries
59
Table: Refineries In Chile
59
Service Stations
60
Gas Pipelines
60
LNG Terminals
60
Table: LNG Terminals In Chile
62
Competitive Landscape
63
Competitive Landscape Summary
63
Table: Chile - Key Players
64
Table: Chile - Key Upstream Players
64
Table: Key Downstream Players
65
Company Profile
66
Empresa Nacional del Petr-leo (ENAP)
66
Compa--a de Petr-leos de Chile (Copec)
72
Petrobras
75
GeoPark Holdings
77
Other Summaries
82
Regional Overview
85
Latin America Oil&Gas Regional Overview
85
Global Industry Overview
94
Oil Price Outlook
94
Table: BMI And Bloomberg Consensus Forecasts* WTI And Brent, Front Month - USD/bbl
94
Table: 2015-2016 - Fundamental Pressure On Oil Prices
95
Appendix
102
Global - Crude Oil, Refined Fuels And Natural Gas Prices, 10-year Forecasts
102
Table: Energy Price Forecasts, 2013-2018
102
Table: Energy Price Forecasts, 2019-2024 ( Global 2019-2024)
103
Latin America - Regional Appendix
104
Table: Oil Consumption - Historical Data & Forecasts, 2012-2019 ('000b/d)
104
Table: Oil Consumption - Long Term Forecasts, 2016-2024 ('000b/d)
105
Table: Oil Production - Historical Data & Forecasts, 2012-2019 ('000b/d)
105
Table: Oil Production - Long-Term Forecasts, 2016-2024 ('000b/d)
106
Table: Refining Capacity - Historical Data & Forecasts, 2012-2019 ('000b/d)
107
Table: Refining Capacity - Long-Term Forecasts, 2016-2024 ('000b/d)
107
Table: Gas Consumption - Historical Data & Forecasts, 2012-2019 (bcm)
108
Table: Gas Consumption - Long-Term Forecasts, 2016-2024 (bcm)
109
Table: Gas Production - Historical Data & Forecasts, 2012-2019 (bcm)
109
Table: Gas Production - Long-Term Forecasts, 2016-2024 (bcm)
110
Table: LNG Exports - Historical Data & Forecasts, 2012-2019 (bcm)
110
Table: LNG Exports - Long-Term Forecasts, 2016-2024 (bcm)
111
Chile - Total Hydrocarbons, 10-year Forecasts
112
Table: Total Hydrocarbons Production, Consumption and Net Exports (Chile 2013-2018)
112
Table: Total Hydrocarbons Production, Consumption and Net Exports (Chile 2019-2024)
112
Chile - Refined Products Breakdown, 10-year Forecasts
114
Table: Refined Petroleum Products, Production Breakdown (Chile 2013-2018)
114
Table: Refined Petroleum Products, Production Breakdown (Chile 2019-2024)
115
Table: Refined Petroleum Products, Consumption Breakdown (Chile 2019-2024)
116
Table: Refined Petroleum Products, Net Exports Breakdown (Chile 2013-2018)
117
Table: Refined Petroleum Products, Net Exports Breakdown (Chile 2019-2024)
118
Glossary
120
Table: Glossary Of Terms
120
Methodology
122
Industry Forecast Methodology
122
Source
124
Risk/Reward Index Methodology
124
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
126
Table: Weighting
127

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.

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