Chile Oil and Gas Report Q1 2014
Our View: Chile’s small resource base makes the country heavily dependent upon imports to satisfy demand and promote economic growth. This will persist in spite of some long-term upside potential stemming from the country’s shale gas prospects. In the meantime, imported liquefied natural gas will play a greater role in energy security.
The key trends and developments in the Chilean oil and gas sector are:
• In terms of domestic production, we forecast only modest growth. Crude and other liquids output will rise from an estimated 10,112 barrels per day (b/d) in 2013 to 10,961b/d by 2022. Meanwhile, gas output will only tick up from an estimated 1.15bcm in 2013 to 1.17 in 2017 and 1.20 in 2022.
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