Magallanes Region

Magallanes Region (also known as the Magallanes Oil Fields), became RENEX®'s first international operation in 2023 following a 2-year long exploration and surveying project in collaboration with a local firm also operating in the region.

In 2021 RENEX® announced its exploration efforts in Argentina and Chile. Due to the discovery of previously-unfound deposits in Chile, and the incentives offered by the Chilean government for energy firms, RENEX® shifted its focus to the Magallanes Region of Chile. Production began in June of 2023.

With a majority share in the four current extraction operations, Chile has proven a pivoltal and crucial move for the company, now extracting 1,028 barrels of oil per day (BPD) average.

About Magallanes Region

The Magallanes Region in southern Chile is a significant oil drilling area known for its rich hydrocarbon and Natural Gas deposits. It has been a key site for oil exploration and production, with a history of energy development dating back several decades. The region is home to several oil fields, and its strategic location near key transportation routes and pipelines makes it an important player in Chile's energy sector.