BMI View: Chile's oil and gas industry will remain little changed over 2017, characterised by limitedprospects and a heavy reliance on energy imports. The Magallanes region will remain the focal point ofhydrocarbon exploration and production activities, though achieving significant progress will bechallenged by lower oil prices and corresponding spending pullbacks among upstream firms.
Latest Updates And Key Forecasts
We forecast total crude oil and natural gas liquids (NGL) production for 2017 at 6,550b/d, extendingproduction losses for a third year.
Total gas production in 2017 will fall from 0.89billion cubic metres (bcm) to 0.84bcm, while gasconsumption will rise from 4.9bcm to 5.1bcm this year.