South Korean trading firm LG International Corp. said Wednesday that it has bought an additional 10 percent stake in a Chilean oil field for US$72 million in an effort to gain a crucial foothold in the South American resources market.
In April this year, LG International bought a 10 percent stake in GeoPark Chile S.A.
The purchase helped LG International secure rights to the Fell field in southern Chile and gain access to the Tranquilo and Otway fields that are being explored for oil and gas, said the company. The Fell field is currently producing 9,000 barrels of crude per day.
LG International said that it will also invest $24 million in securing three more gas fields in the Latin American country.
"We hope the Chilean project will contribute to our development projects in the South American continent," said an official from LG International.