April 4, 2018 / 7:38 PM / a year ago

Chile's ENAP, Argentina's YPF inaugurate $354 million offshore gas project

FILE PHOTO: A signage of state-controlled energy company YPF is seen along a road in Buenos Aires August 28, 2014. REUTERS/Enrique Marcarian/File Photo

SANTIAGO (Reuters) - The state-run energy firms of Chile and Argentina said on Wednesday they had inaugurated a $354 million project to increase production of natural gas off the southern tip of South America.

The project, operated by Chile’s state-run ENAP in partnership with YPF, will boost production of natural gas to 4 million cubic meters daily from the current 2.4 million, while increasing petroleum production by nearly 25 percent at the site, the firms said in a statement.

“This ambitious project contributes to the supply of energy in Argentina and bolsters regional integration,” ENAP General Manager Marcelo Tokman said in the statement.

The project, which includes five oil platforms, is at the mouth of the eastern end of the Strait of Magellan in Argentina’s Santa Cruz province.

Reporting by Fabian Cambero; Writing by Dave Sherwood; Editing by Peter Cooney

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