Chile ENAP to invest $400m this year in refineries, exploration

15 January 2014 19:25 Source:ICIS News

LONDON (ICIS)--Chile’s state energy company Empresa Nacional del Petroleo (ENAP) said on Wednesday it plans to invest around $400m in 2014, mainly towards oil refinery maintenance and natural gas exploration in southern Chile.

The company has earmarked an undisclosed amount to maintaining the main Aconcagua and Bio Bio refineries, both in central Chile, and the smaller Gregorio refinery in the country’s southernmost Magallanes region.

The three facilities have a combined capacity of 235,000 bbl/day and supply 85% of the country’s domestic fuel requirement, according to ENAP’s website.

The company said it intends to spend around $150m in natural gas exploration and production (E&P) in the Magallanes region.

The company aims to quadruple production in the area from an average of 150,000 cubic metres/day last year to around 600,000 cubic metres/day in 2014.

ENAP also said that it expects last year’s earnings before interest, tax, depreciation and amortisation (EBITDA) to reach $650m, which would represent the company’s highest EBITDA result since 2005.

By Simon West