ConocoPhillips and Chile’s state oil company Empresa Nacional del Petroleo (Enap) have signed a technical agreement to jointly conduct geological, geophysical, and engineering studies to determine the potential for unconventional hydrocarbon resources in the Magallanes region in southern Chile.
ConocoPhillips will contribute 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,” Enap said.
The agreement was signed by Marcelo Tokman, Enap chief executive officer, and David Jones, vice-president, ConocoPhillips Ventures Ltd., South America.
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. “Our commitment to Magallanes is to ensure the supply of gas in the long term,” he said.