BMI View: Chile''s small resource base makes the country heavily dependent upon imports to satisfydemand and promote economic growth. In 2012, the country had to import 97% of total oil needs and 85%of its natural gas requirement. These issues will persist in spite of some long-term upside potentialstemming 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 & gas sector are:? In terms of domestic production, we forecast oil output will fall from an estimated 9,000 barrels per day(b/d) in 2012 to 4,5000b/d by 2017 and 2,500b/d b...
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