Chile awards E&P rights for Magallanes blocks

12/24/2007
Chile has awarded oil and gas exploration and production rights to foreign companies that will invest at least $267 million each in the southern Magellan region.“It’s historic,” said Mining Minister Karen Poniachik. “The round is going to contribute to the diversification of our country’s energy supply and millions of dollars are going to be spent in the area.”Poniachik said contracts will be signed with Total SA, Apache Canada Ltd., Pan-American Energy LLC, Greymouth Petroleum Holding Ltd., and IPR-Manas.IPR-Manas was awarded E&P rights for Tranquilo block and plans to invest $33.3 million in the three phases of exploration. IPR, of Dallas, will op...
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