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(Bloomberg) — Chile’s state oil and gas company is partnering with a California-based firm to try to squeeze more out of its natural gas fields in a country that relies mainly on imported hydrocarbons.
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Enap has signed an agreement with Upwing Energy to install deep compressors in wells at its onshore operations in the Magallanes Basin, both corporations announced Tuesday. Without providing projections for the contract, Upwing says its generation can increase production by 20% to 200% depending on well conditions.
This would be good news for Enap, which intends to increase its income to pay off its debt and finance its investments. While Chile is one of the world’s leading suppliers of raw materials, from copper to paper pulp, its domestic production of hydrocarbons is dwarfed by that of its neighbors, and the country is basically dependent on imported oil and gas.
Formed in 2015 as an offshoot of Calnetix Technologies, Upwing’s investors include Norway’s Equinor ASA. The subsurface compressor contract with Enap would be its first in South America. Enap also operates in Argentina, Ecuador and Egypt.
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