Chile's national oil company ENAP has approved its 2014-2025 strategic plan and will invest US$800m/year until 2020 (compared to an average investment level of U$286m/year over the past five years). The strategic plan focuses on four main points:
- promoting oil and gas exploration and production in Magallanes, to double hydrocarbon production in this region, from 15 kboe in 2014 to 32 kboe in 2020;
- strengthening the stability and security of supply of refined fuels: ENAP will increase its refining capacity and its higher-value fuel production by modernising and expanding its refineries in Concon and Hualpén;
- supporting the use of gas for power generation and residential consumption; the company will install a 940 MW thermal power plant and double the capacity of its Quintero LNG plant to 20 mcm/d by 2025. ENAP will also promote other energy sources such as geothermal;
- improving energy efficiency on the supply chain.