Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



ENERGY TECH
Chile aims to become major crude oil hub

disclaimer: image is for illustration purposes only
by Staff Writers
Punta Arenas, Chile (UPI) Apr 21, 2011
Chile has set sights on developing its extreme south as a major hub for hydrocarbon development and export, a plan that will see more than $400 million in state and international investments pouring into the area.

Punta Arenas in the Magallanes region is swelling with immigrant labor, oil prospectors and high-flying investors eager to cash in on what is generally seen as the coming oil bonanza.

Local estimates said the city's population now well exceeds the 120,000 recorded in a 2002 census and 154,000 surveyed in 2008.

Punta Arenas is also becoming a major tourism destination because of easy access for Antarctic expeditions.

The entire southern region was chosen for regeneration as part of Chilean President Sebastian Pinera's plans when he took office last year. But riots and strikes over fuel prices shook the government into action.

Despite being poorer than northern Chile, Punta Arenas still surprises visitors with its high prices for essential commodities, including fuel.

Officials said the new investment will be made up of contracts secured with national and international oil companies.

Oil exploration in the area gained momentum as prices soared in response to a perceived global shortage of supplies, unrest in the Middle East and as response to economic recovery.

Rene Ampuerto, the regional Energy Ministry representative, hinted the actual investment could be higher.

"These numbers are far superior to the commitments of the oil companies in the CEOP, which really established floor prices from which to work on," he said.

A CEOP is a "Special Operating Contract" that Chile, represented by the Mining Ministry, signs with a company or consortium of companies for the exploration and exploitation of hydrocarbon wells.

As part of the overall development plan, oil companies operating in Magallanes region and Chilean Tierra del Fuego will be drilling at least 60 exploratory wells to have firmer estimates on hydrocarbon reserves and the potential for developing them.

Last year companies drilled about 40 exploratory wells.

Chile has been aiming to develop the region for nearly a decade but progress has been slow. In 2006 the previous administration organized an international bidding process to get started on 10 potentially rich hydrocarbon blocks in the area and awarded licenses for nine. Since that time, however, crude oil prices have risen steadily, giving investors new incentives.

Chile also aims to achieve some measure of energy security as its population grows and demand for energy continues to rise.

Located on the Brunswick Peninsula, Punta Arenas is the third largest city in the Patagonian region. Most of the peninsula's territory is uninhabited but city planners foresee major changes afoot as the population growth builds up pressure for new housing and amenities.

Punta Arenas for long was considered the world's southernmost city but Ushuaia in Argentina is farther south and claims that status.



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Powering The World in the 21st Century at Energy-Daily.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


ENERGY TECH
Fear mixed with hope a year after BP spill
Point A La Hache, Louisiana (AFP) April 20, 2011
One by one, the fishermen walked up to a microphone set up in Louisiana's coastal wetlands to vent their frustration and fears a year after the BP Deepwater Horizon disaster unleashed the biggest maritime oil spill in history. Fisherman Mike Roberts spoke of flying all the way to London to tell BP shareholders that "all is not well in Louisiana" and being denied access to the oil giant's ann ... read more







ENERGY TECH
NASA Releases Scorecard On Energy And Sustainability Goals

Coal miners cold on Australia carbon tax

Nonprofits Awarded For Energy Efficiency And Water Conservation

Ride-Sharing For Road Freight

ENERGY TECH
New battery produces electricity where freshwater meets saltwater

US Coast Guard slams Transocean in oil spill investigation

Using the energy in oil shale without releasing carbon dioxide in a greenhouse world

US gas well contained, but concerns rise on 'fracking'

ENERGY TECH
Google, Japanese invest $500 million in wind farm

Manitoba wind farm comes online

Alstom Announces Commercial Operation Of First North American Wind Farms

Vestas unveils new offshore turbine

ENERGY TECH
Novel electrode for flexible thin-film solar cells

Solar power without solar cells

Solar That Floats

Residential Solar PV Systems Boost Sales Price Of California Homes

ENERGY TECH
Thousands march against nuclear power in Japan

Protests mount against Indian nuclear plant

Bulgarian nuclear plant at Kozloduy faced EU stress test

Tens of millions live in nuclear 'danger zone': study

ENERGY TECH
Learn To Run A Biorefinery In A Virtual Control Room

Sugarcane Cools Climate

B3C Fuel Solutions Expands Efforts To Promote Ethanol Education

Congress Must Maintain Commitment To Advanced Biofuels And Renewable Fuel Standard

ENERGY TECH
Asia's star ever brighter in space

What Future for Chang'e-2

China setting up new rocket production base

China's Tiangong-1 To Be Launched By Modified Long March II-F Rocket

ENERGY TECH
Leaf Characteristics Improves Accuracy Measuring Past Climates

Swiss face one of worst droughts on record

Top US court considers major climate change case

Location And Lifestyle Matter When It Comes To Carbon Footprints


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement