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ConocoPhillips targets unconventional resources in Chile with ENAP technical agreement

07th August 2014

ENAP (Chile’s state-owned oil and gas company, Empresa Nacional del Petroleo) and ConocoPhillips have signed a technical agreement which aims to jointly conduct geological, geophysical and engineering studies to determine the potential for unconventional hydrocarbon resources in the Magallanes area of Chile

ConocoPhillips targets unconventional resources in Chile with ENAP technical agreement
The agreement was signed by Marcelo Tokman, chief executive of ENAP, and David Jones, vice president of ConocoPhillips Ventures Limited for South America

The Chilean national oil company, ENAP, and ConocoPhillips signed a technical agreement on Tuesday that aims to jointly conduct geological, geophysical and engineering studies to determine the potential for unconventional hydrocarbon resources in the Magallanes region in Southern Chile.

This agreement between the two companies was finally reached after meetings held by the ENAP CEO, Marcelo Tokman, during his recent trip to the USA accompanied by the Chilean minister of energy, Maximo Pacheco, together with other businessmen from the Chilean energy sector.

In particular ConocoPhillips will contribute with its technical expertise and technology in the development of these studies to define areas of interest for the exploration and exploitation of Unconventional oil and natural gas.

The agreement was signed by Marcelo Tokman, chief executive of ENAP, and David Jones, vice president of ConocoPhillips Ventures Limited for South America.

“Our commitment to Magallanes is to ensure the supply of gas in the long term,” said Tokman.

Tokman stressed that this agreement was an additional initiative to the effort already being developed by ENAP to strengthen the exploration and exploitation of unconventional oil and gas in the region.

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