South America / GoM

Chile flag
Summary | Profile

Country profile: Chile

Location: Southern South America, bordering the South Pacific Ocean, between Argentina and Peru also includes Easter Island (Isla de Pascua) and Isla Sala y Gomez
Climate: temperate; desert in north; Mediterranean in central region; cool and damp in south
Terrain: low coastal mountains; fertile central valley; rugged Andes in east
Size: 756950 sq. km total (Land area: 748800 sq. km  Water area: 8150
Population: 16,454,143 (July 2008 est.)
Languages: Spanish (official), Mapudungun, German, English
Government: republic
Capital city: Santiago
Legal system: based on Code of 1857 derived from Spanish law and subsequent codes influenced by French and Austrian law; judicial review of legislative acts in the Supreme Court; has not accepted compulsory ICJ jurisdiction
Currency: Chilean peso (CLP)

Country profile

Chile has one of South America's most robust and open economies. The country is an associate member of the Common Market of the Southern Cone (MERCOSUR) and full member of the Asia-Pacific Economic Cooperation (APEC) organization. Chile is a member of a number of free trade agreements (FTAs) with various countries, such as Canada, Mexico, South Korea, the United States, and the European Union. The FTA with the United States entered into force in January 2004 and plans to lead to full trade liberalization within 12 years.

In 2005, Chile’s real gross domestic product (GDP) grew by 6.3 percent, continuing the strong growth experienced in 2004 (6.2 percent). Booming prices for Chile’s mineral exports, especially copper, are the principle drivers of the high growth rate. State-owned copper mining firm Corporacion Nacional del Cobre de Chile (Codelco) is the world's largest copper-producing company. While copper and other minerals remain the mainstays of Chile’s exports, trade of other non-traditional products, such as forestry products, fresh fruit and seafood, have grown considerably over the past two decades.

Chile has limited domestic energy resources. As a result, the country must import the bulk of its energy needs. Chile's growing reliance on energy imports, particularly on natural gas, has not been without consequences. In April 2004, Argentina began restricting natural gas exports to Chile, with cuts reaching nearly 50 percent of contracted volumes on some days. Chile, in turn, began to reconsider its energy policy, which, prior to the import restrictions, had assumed an increased use of natural gas and power imports from Argentina. Most importantly, Chile has begun to pursue other sources of natural gas, such as liquefied natural gas (LNG) or piped gas from other countries.

Energy production and consumption

Oil Gas
Production: 15,100 bbl/day (2006 est.) 1 billion cu m (2005 est.)
Consumption: 238,000 bbl/day (2006 est.) 8 billion cu m (2005 est.)
Exports: 31,510 bbl/day (2004 est.)  
Imports: 222,900 bbl/day (2004 est.) 6 billion cu m (2005 est.)
Reserves: 150 million bbl (1 January 2006 est.) 93 billion cu m (1 January 2006 est.)
Major fields:

Chile - recent news

24 Jul 20
Chile: Repsol buys renewables assets in Chile
Repsol continues its expansion in renewable energy with the signing of an agreement with Grupo Ibereólica Renovables that gives Repsol access to a portfolio in Chile of projects in operation, construction, or development of more than 1,600 MW in 2025, with the possibility, thanks to this agreement, to exceed 2,600 MW in 2030.
04 Feb 20
Chile: GeoPark announces new gas field discovery in Chile
GeoPark has announced the discovery of the new Jauke Oeste gas field in the Fell block in Chile. A production test in the Tobifera formation resulted in an average production rate of 4.4 million standard cubic feet per day of gas (or 729 boepd) and 52 bopd of condensate.
20 Aug 18
Chile: GeoPark announces new Jauke gas field discovery in Chile
GeoPark has announced the successful drilling and testing of the Jauke-1 exploration well in the Fell block in Chile. The well tested an average production rate of 5.8 million standard cubic feet per day of gas (or 970 boepd).
17 Jan 18
Chile: GeoPark announces new gas play discovery in Chile
GeoPark has announced the successful drilling and testing of the Uaken-1 exploration well in the Fell block in Chile. A production test through different chokes in the El Salto formation resulted in an average production rate of 0.8 million standard cubic feet per day of gas.

Chile - more news

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