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Frequent questions and replies
Exploration and Production
How much oil is produced in Chile?
ENAP has been exploiting the only hydrocarbon reserves discovered in Chile since 1950. These are located in the Magallanes basin and, due to their natural exhaustion, the production volume in 2005 was 320,000 cubic meters (equivalent to 2 million barrels), a figure representing less than 3% of the demand for crude by Chilean refineries.
If exploitation in Chile has declined, how much does ENAP produce abroad and where are its foreign reserves?
In order to take full advantage of its experience and the technical capacity of its professionals and workers, ENAP created the international subsidiary Enap Sipetrol S.A. in 1990 to explore and produce oil abroad. In 2005, it was carrying out productive activities in Argentina, Colombia, Ecuador and Egypt. Its estimated foreign oil production is 10 million barrels and that of natural gas 2,688 million cubic meters (15.6 million barrels equivalent).
How much money does the state invest annually in buying crude oil from abroad?
The state does not invest resources in the import of crude as this is done by ENAP which, despite being a state company, is autonomous and is managed under commercial criteria. However, depending on crude oil prices, ENAP spends around US$ 1,800 million annually on importing crude (bought in international tenders) thus making it the country’s largest importer.
How much money does the state invest annually in buying crude oil from abroad?
The state does not invest resources in the import of crude as this is done by ENAP which, despite being a state company, is autonomous and is managed under commercial criteria. However, depending on crude oil prices, ENAP spends around US$ 1,800 million annually on importing crude (bought in international tenders) thus making it the country’s largest importer.
What is the cost of a liter of crude oil and how many liters are there in a barrel?
The universal and standard measure for oil is the barrel, not the liter, equivalent to 42 gallons (US), a gallon being 3.785 liters. So every barrel has a capacity for 158.97 liters.
The crude oil price fluctuates daily on the international markets so it is difficult to state precisely the value at "the moment" that is not the evolution shown, for example, on the New York (Nymex) and London (IPC) exchanges, the principal oil trading centers.
What are the benchmark crudes?
They are types of crude oil that are taken as benchmarks by most of the world’s oil companies for setting their prices. These are crudes that are traded daily and whose prices are set freely by supply and demand. In the West, the best-known crude benchmarks are West Texas Intermediate (United States) and the Brent Dated (North Sea, Europe).
How are oil prices regulated?
Prices are freely regulated by the benchmark crudes or ““reference”” prices. These can be found daily in the press or through electronic means at any time.
