BMI View: Chile’s small resource base makes the country heavily dependent upon imports to satisfy demand and promote economic growth. In 2012, the country had to import 95% of total oil needs and 85% of its natural gas requirement. These issues will persist in spite of some long-term upside potential stemming from the country’s shale gas prospects. In the meantime, imported liquefied natural gas (LNG) will play a greater role in energy security. The key trends and developments in the Chilean oil and gas sector are: ? In terms of domestic production, we forecast oil output will fall from an …
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