Methanex Corp., Vancouver, BC, will participate in exploring the Tranquilo and Otway blocks in the Magallanes basin in southern Chile.
By OGJ editors
HOUSTON, Mar. 10 – Methanex Corp., Vancouver, BC, will participate in exploring the Tranquilo and Otway blocks in the Magallanes basin in southern Chile.
The company is part of a new ownership structure in which Pluspetrol Chile SA, Wintershall Chile Ltda., and GeoPark Magallanes Ltda. each has 25% participation and the World Bank’s International Finance Corp. and Methanex Chile SA each has 12.5% participation.
GeoPark is operator of both blocks (see map, OGJ, Dec. 24, 2007, p. 36). The arrangement is subject to approval of Chile’s Ministry of Energy.
The blocks total more than 12,000 sq km. The consortium has approved the 2010 budgets for the two blocks, which total $37 million and include 553 line-km of 2D seismic surveys, 362 sq km of 3D seismic, and drilling three wells on Tranquilo.
Methanex Chile also participates in the Dorado Riquelme Block 50-50 with Chile’s state ENAP and has provided financing to GeoPark for the Fell Block to accelerate natural gas development in southern Chile.