Refining margins drive 6-year high profit for Chile's Enap
Chilean national oil company Enap reported 2015 net income of US$170mn, the firm's biggest full-year profit since 2010.
In a statement, Enap attributed the improvement to the downstream segment, where refining margins widened by US$5.50/b compared to 2014.
Enap also consumed energy more efficiently, the statement said, helping to keep operational costs down.
Total hydrocarbon output from the E&P segment increased to 20.7Mboe from 19.9Mboe, driven by tight gas production at the Arenal block in Chile's southernmost Magallanes region, the only zone in the country to produce oil and gas.
Enap will invest an estimated US$800mn this year, with capex going toward continued development of Arenal; construction of the 50MW Cerro Pabellón geothermal plant; and construction of a 77MW cogeneration plant at Enap's Aconcagua oil refinery.
Chilean legislators also signed into a law at the beginning of the year a bill that allows Enap to hold a participation stake of up to 66% in JV power projects of all types with private firms.
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