South America: Chile
August 2000 Vol. 221 No. 8 International Outlook SOUTH AMERICA Stuart Wilkinson, Contributing Editor Chile The economy
SOUTH AMERICAStuart Wilkinson, Contributing Editor ChileThe economy was flat in 1999 the worst performance for over a decade. The country suffered a severe shock to its trade, owing to a collapse in the price of copper. Last year, state oil company ENAP opened opportunities for joint ventures in all of its best oil and gas fields four on the countrys mainland, eight offshore and nine on Tierra del Fuego. Some of the fields are inactive, but others have been producing for 30 years. ENAP was looking for companies skilled in 3-D seismic acquisition, enhanced recovery, and horizontal and infill drilling. At the beginning of this year, Mining Minister Sergio Jiménez said that the government would sell a 20% to 30% share in ENAPs overseas exploration unit, Sipetrol. A private partner would help the government finance Sipetrols $100-million investment plan for 2000. ENAP general manager Alvaro García commented that the company could float a minority stake in Sipetrol. This idea was one of several possibilities for injecting private capital into the company. |