Enap, PDVSA Discuss Joint Oil Projects
Chile's state oil company Enap is in talks with its Venezuelan counterpart PDVSA to develop joint oil exploration and production projects in Venezuela, Enap CEO Enrique Dávila told reporters on Wednesday.
Venezuela's President Hugo Chávez had approached Chile's government to discuss the investments, an Enap spokesperson told BNamericas, without detailing any of the possible projects.
PDVSA president and energy and oil minister Rafael Ramírez and Chile's foreign minister Ignacio Walker signed a memorandum of understanding (MOU) on energy cooperation in April this year.
The objective of the accord was to establish the framework by which Venezuela and Chile can carry out energy projects "of common interest and based on mutual benefits, equality and reciprocity."
Enap's international unit Sipetrol already has operations in Ecuador, Argentina and Egypt and is looking to expand in South America, the spokesperson said.
The company recently signed an agreement with its Ecuadorian counterpart Petroecuador that includes developing joint exploration and production projects, exchanging know-how and personnel, and selling crude and oil products.
Enap plans to invest US$430mn in Ecuador's oil sector and could buy crude from Petroecuador in exchange for oil products made in Chile.
Chile has turned to Ecuador for crude supplies in the past year to offset the negative impact of Argentine natural gas import restrictions on electric power generation.
Chile reportedly aims to import US$128mn worth of crude a year under an agreement signed by President Ricardo Lagos and former Ecuadorian President Lucio Gutiérrez in 2004 that eliminated import taxes on Ecuadorian crude.
About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports.
Click here for a Free two week trial to our Latin America Oil & Gas information service.
- Ecuador to Offer Oil Blocks Under New Bidding Terms in Jan (Oct 06)
- Kemp: Oil Price War Inflicts Collateral Damage in Latin America (Feb 09)
- Ecuador's Petroamazonas Seeks Partners to Boost Oil Output (Sep 26)
Company: PDVSA more info
Operates 14 Offshore Rigs
Manages 26 Offshore Rigs
- Paralysis At PDVSA: Venezuela's Oil Purge Cripples Company (Dec 15)
- Cuba Takes Over Venezuela Stake In Refinery Joint Venture (Dec 14)
- Union Leader: PDVSA's Amuay Refinery Halts Distillation Unit (Nov 30)
Company: Enap more info
- Sea Trucks Bags Pipelay Construction Deal in Magallanes Field Off Argentina (Jul 05)
- Argentina's YPF, Chile's ENAP Agree Extra $200M for Offshore Gas Project (Nov 17)
- ENAP: Chile Eyes Use Of US Shale Gas In Early 2016 (Jul 15)