Chile´s President Mr Ricardo Lagos has declared that the country´s state-owned petroleum company, ENAP discovered a large gas field in the Lago Mercedes basin. This area is more commonly known as the Magallanes area of Chile. ENAP plans to invest USD 50 million in natural gas exploration over the course of the next two years. ENAP and Helmerich & Payne International Drilling Inc. which specializes in energy exploration and production, jointly signed an agreement in July 2005 to search for natural gas in Lago Mercedes basin (Chile). The drilling for natural gas started in November last year; however, Helmerich & Payne International Drilling will not be able to estimate the total capacity of the reserve in Lago Mercedes until reaching 4,000m depth, a target that is estimated to be reached next month. According to the project, the oil companies will construct three parallel oil and gas pipelines spanning 123km from Lago Mercedes field to ENAP´s Cullen plant in Tierra del Fuego (Argentina).
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