Methanex and GeoPark announce long agreement on gas supply and development in Chile
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Methanex Corporation announced the signing of a Memorandum of Understanding with GeoPark Holdings Limited, which would provide for the long term supply, development and acquisition of new natural gas reserves in Chile. This MOU includes a ten year gas supply and purchase commitment from GeoPark's Fell Block in southern Chile beginning May 2007. The agreement provides incentives for volume growth up to 100 million cubic feet per day of natural gas and includes provisions for the financing of development operations and the potential joint acquisition of new hydrocarbon blocks in Chile. This agreement is subject to a final contract and required Chilean government approvals.
According to the company, Methanex's methanol plant site in Chile produces approximately 10% of the world's methanol supply. GeoPark is the only private sector oil and gas producer in Chile and has been supplying natural gas to Methanex in Chile since May 2006.
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