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 CHILE
South America
Chile produces only small amounts of onshore and offshore
oil from the Magallanes Basin in the south of the country, although
production has declined considerably from earlier levels .
Oil was first discovered on the island of Tierra Del
Fuego in 1945 and the first field (Manantiales) came onstream in 1950.
Fields on the mainland, across the Straits of Magellan, began to produce
in 1959 and both areas rose to a peak in the early 1980s. Meanwhile
offshore oil was located near to shore in field extensions and in
separate accumulations in the 1970s, with first oil coming onstream in
1979. Over 40 platforms have been installed in the Straits close to the
Argentine border. This area also rapidly rose to a peak and has since
declined.
 Most
associated gas has been re-injected to support production. The country
has used some of its gas locally and briefly exported to Argentina
although it now imports substantial quantities.
However relatively large volumes of gas have been
processed in plants near to the productive areas and thus Chile has
produced considerable volumes of natural gas liquids beginning in 1952
and rising to an extended plateau through the 1970s which has continued
to the present day.
Although exploration has been intermittently carried out
elsewhere no potential has been found along the country's long Pacific
coastline, onshore or in shallow or deep waters. Few wells are now drilled in the country and Sipetrol, the main local firm, along with
ENAP the state oil company, are concentrating on international
prospects.
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