Chile Turns to Equinor-Backed Firm to Boost Natural Gas Output
(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.
Enap signed a deal with Upwing Energy to install compressors deep in wells at its onshore operations in the Magallanes Basin, the two firms said Tuesday. Without offering projections for the contract, Upwing says its technology can boost production anywhere from 20% to 200% depending on well conditions.
That would be welcome news for Enap, which is looking to boost revenue to pay down debt and fund investments. While Chile is one of the world’s top suppliers of commodities from copper to pulp, it’s domestic hydrocarbon output is dwarfed by those of of its neighbors, with the nation relying mainly 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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