Greymouth will operate an oil and gas investment program in joint venture with the Chilean state-owned oil and gas company Empresa Nacional del Petroleo.
With the award of these permit areas, Greymouth believes that it has established a core petroleum acreage position in the heart of the Magallanes Basin, where there have been a number of oil and gas discoveries.
The company is moving to establish a Chilean operating company to be based in Punta Arenas. The Magallanes Basin has produced over 500 million barrels of oil and more than 10 trillion cubic feet of natural gas.
