| | | | Chile License Acquisition update | Baar, Nov 27, 2007
The Tranquilo block in the Magallanes Basin, Southern Chile, which was awarded on November 15th to a consortium comprising Manas Petroleum Corporation and Improved Petroleum Recovery (IPR), containsprospects and leads with an estimated undiscovered potential of more than 4 Tcf (recoverable) of natural gas. The Tranquilo covers 6,600 square kilometers and within this area is the Tranquilo gas field which is operated by state owned ENAP (Empresia Nacional del Petroleo-Chile). The existence of a petroleum system is proved by the Tranquilo gas field and in the wells Esperanza 1, San Jose 1 and El Salto 1. The block's southern boundary begins approximately 30 Km North coast of Skyring Sound and it has 1,428 Km of 2D seismic and 33 wells. The Magallanes basin has a well-developed 417 Km network of gas pipelines that connect the main fields to consumption centers, such us Metanex, the world largest metanol plant, besides the state oil company ENAP has four plants in the basin the largest, Cabo Negro produces LPG from natural gas and has a capacity of 2,930 m3 per day. Cumulative production in the Magallanes totals (m3) 63,934,010 oil and (million m3) 232,416 natural gas. The Tranquilo block is in the foreland of the Magallanes basin which is part of the same geological formation as Argentinas Austral Basin which has historically produced over 500 million barrels of oil and more than 10 TCF of natural gas. According to the Chilean government it is the only region of Chile in which the production of hydrocarbons has proved commercially viable. |
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