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: With a lack of below-ground rewards , Chile will suffer from a continued deficit of hydrocarbon supplies and a high dependence on imported energy feedstock. Chile's most immediate opportunities lie in the expansion of their LNG import facilities as a means to meet growing domestic demand . On a longer-term basis, Chile is exploring the possibility of tapping i t s unconventional resources in the Magallanes region, though we caution its development will remain challenging within a lower oil price environment.

Headline Forecasts (Chile 2014-2020)
2014e 2015e 2016f 2017f 2018f 2019f 2020f
e/f = BMI estimate/forecast. Source: EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 8.9 8.9 8.9 9.0 9.0 9.1 9.1
Dry natural gas production, bcm 0.9 0.9 0.9 0.9 0.9 0.9 1.0
Dry natural gas consumption, bcm 4.6 4.8 5.0 5.1 5.2 5.4 5.6
Refined products production, 000b/d 208.1 210.1 212.2 215.4 218.7 221.9 224.2
Refined products consumption & ethanol, 000b/d 349.8 358.5 369.3 380.3 391.7 405.5 419.6
Brent, USD/bbl 99.50 53.60 46.50 57.00 62.00 65.00 71.00

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

  • 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 south of the country. The agreement (known as CEOP) will target the Coiron block in the Magallanes 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 Mejilliones LNG import terminal received environmental approval for its USD40mn expansion project in July 2016. The project is expected to expand liquefaction capacity from 5.5mcm/d to 10mcm/d.

  • In August, ENAP completed a USD700bn international bond issue with a yield of 3.951% and a coupon of 3.75%, maturing in 2026. This issuance was a record for the NOC for the highest dollar amount and lowest yield in the company's history.

  • Chile will remain among Latin America's most advanced economies over the coming decade, supported by its strong fundamentals. Manufacturing and services will increasingly drive growth, as the end of the commodity boom dims the copper sector's outlook.

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
15
Table: Key Upstream Projects In Chile
15
Upstream Production - Oil
16
Latest Updates
16
Structural Trends
16
Table: GeoPark Holdings In Chile, Summary By Block
19
Table: Oil Production (Chile 2014-2019)
19
Table: Oil Production (Chile 2020-2025)
19
Upstream Production - Gas
20
Latest Updates
20
Structural Trends
20
Table: Gas Production (Chile 2014-2019)
22
Table: Gas Production (Chile 2020-2025)
22
Refining
22
Latest Updates
22
Structural Trends
23
Table: Refining Capacity and Refined Products Production (Chile 2014-2019)
24
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 Trade Forecasts
32
Latest Updates
32
Structural Trends
32
Table: Crude Oil Net Exports (Chile 2014-2020)
33
Table: Crude Oil Net Exports (Chile 2020-2025)
34
Refined Products Trade Forecasts
34
Latest Updates
34
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: Industry Downturn Weighs On Regional Performance
43
Upstream: Few Shifts, But Changes Loom
44
Table: Latin America - Upstream Risk/Reward Index
45
Downstream: Medium-Term Outlook Reinforces Current Dynamics
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
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
61
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: Chile - Key Downstream Players
65
Company Profile
66
ENAP
66
Latest Updates
66
Table: Table: Major Assets In Chile
67
Table: Table: Key Financial Data (USDmn)
67
Regional Overview
69
Latin America Overview
69
Table: Latin America Oil And Gas Production, Refining Capacity And Trade, 2014-2025
78
Glossary
80
Table: Glossary Of Terms
80
Methodology
82
Industry Forecast Methodology
82
Source
84
Risk/Reward Index Methodology
84
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
86
Table: Weighting
87

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.