The national oil company estimated that daily production losses from the disturbance could total 16Mm3/d of natural gas and 32,000/d of oil.
The project will target unconventional hydrocarbons in Chile's southernmost region, where Enap is now producing over 1Mm3/d of natural gas.
The country pumps in more funds as the value of traditional hydrocarbon exports falls more than a third in January-July.
The proposed legislation will be sent to the executive for signing.
The consortium will pay a penalty of US$100mn to the government in order to abandon the 10Mm3/d offshore terminal, which the energy ministry says is nearly one-third complete.