Business Divisions

Exploration and Production (E&P)ENAP Sipetrol S.A.

The Company

Enap Sipetrol S.A. is a closed stock company, a subsidiary of ENAP, created on May 24th, 1990, under the name Sociedad Internacional Petrolera S.A. (Sipetrol S.A.) that functionally reports to the Exploration & Production Line of Business, ENAP’s area in charge of developing the activities related to value adding, by means of exploration and exploitation of hydrocarbon deposits. In addition, this Line is responsible for the management of the Company’s geothermal assets.

The agreement to change the Company’s name to Enap Sipetrol S.A. was approved at an Extraordinary Shareholders meeting held on March 2, 2005.  The Company is registered in the Superintendencia de Valores y Seguros record, under number 1,005, since June 23rd, 2008. By reason of such registration, it is obliged to regularly report its financial statements and material events to the market, and to report such information according to the legal standards applicable to open stock companies.

Since January 1st, 2005, after a by-laws amendment and with the corresponding official authorizations, the Chilean currency peso was replaced by United States dollar to express the company’s capital social, and the company’s accounting records started being expressed in such currency as from that date.