GeoPark Sells Stake In Chilean Oil Fields
Korean corporate giant LG International has purchased a 10 percent stake in Chile’s Fell Block oil field from Bermuda-based GeoPark Holding Ltd’s enterprise for $70 million it was reported today [May 22].
Korea’s “JoongAng Daily’ says:, “The contract marks the first time that any Korean company has secured rights to an operational oil field in Chile” and that “the move increased the number of oil production fields the Korean company controls or has stakes in from seven to 10.”
This agreement marks the consolidation of a strategic partnership entered into by GeoPark and LG International in March, 2010.
GeoPark Holding Ltd. is headquartered in Hamilton, and engaged in the exploration and extraction of oil and natural gas in South America. Its shareholders include the International Finance Corporation of the World Bank.
It became the first private company to produce oil and gas in Chile in 2006, and in 2009 it was estimated to hold oil and gas reserves totaling 141.1 million BOE [barrels of oil equivalent]. They today operate oil wells in numerous fields across Argentina and Chile.
GeoPark’s website listed 15 out of 165 wells in the Fell Block as being operated by the company.
