Enap to Invest US$330mn in 2005 in Chile

Chile's state oil company Enap plans to invest about US$330mn in refining and upstream activities in 2005, "similar" to the amount invested last year, CEO Enrique Dávila told reporters Tuesday.

About half the 2005 budget will go towards refining projects while the remainder will go towards exploration in southern Chile, Ecuador, Egypt, Iran and Yemen, he said. The budget is in line with Enap's investment plan for the 2002-2006 period, he added.

Chile currently consumes 220,000 barrels of oil a day (b/d) of which Enap produces 30,000b/d, or 15%, newspaper La Tercera reported.


Enap is planning to drill a well at its Magallanes exploration project mid-year and expects to announce the results around December, Enap's upstream business manager Manuel Sánchez told reporters. Magallanes is in the country's southern Region XII.

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