Ministry Takes Magallanes E&P Tenders on Canadian Road Show

Chile's mining ministry will hold a road show presentation in Calgary, Alberta, on the 10 E&P tenders in Chile's Magallanes basin, the Canadian Petroleum Institute (CPI) said in a statement.

Mining minister Karen Poniachik, along with other senior officials, will attend the July 19 event being organized by CPI.

The event marks the first time Chile has promoted oil and gas opportunities in Calgary and Poniachik has not yet toured the tenders in US oil centers such as Houston or Dallas, CPI officials told BNamericas.

"Canadian oil and gas is a big industry and we boast the second largest reserves in the world," Ken Jones, CPI vice-president of corporate affairs, told BNamericas.

"In Calgary, we have over 1,000 oil and gas companies," he said.

The 1,000-plus companies range from large subsidiaries to companies of 2-3 people.

"Of that 1000, something like 200 are working in some capacity internationally."

Smaller Canadian companies are looking for opportunities and Latin America is the preferred region, Jones said.

"It's an increasing trend. Many smaller companies find it hard to work in Alberta's more mature fields, but they can actually work very effectively abroad."

The upcoming road show has so far received a great response, Jones said.

"Chile is clearly not one of the bigger oil or gas countries, but there is clearly potential there."

Chile's government has delayed until August 9 from July 10 the date for companies to acquire term sheets for the Magallanes blocks, BNamericas previously reported.

Winners will sign special operating contracts (CEOP) with the government that will run up to 35 years, including a maximum 25-year production phase.

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