The first semester net income of Enap Sipetrol, the state-owned company's international subsidiary, reached US$ 57.1 million, completing three years with good results which had not been recorded since 2014.

The subsidiary, founded in 1990 which has branches in Ecuador, Egypt and Argentina expect to reach results during 2021 similar or even higher than pre-pandemic levels, the net income of this first semester was led by Ecuador, with profits of US$ 36 million. It was followed by Egypt, with almost US$ 17 million and Argentina, with about US$ 4 million.

In 2019, prior to the COVID-19 pandemic, Enap Sipetrol reached its highest historical production level, with a net income of US$ 73.5 million. Last year, despite the health crisis, the company managed to maintain its operations and production in all its subsidiaries, reaching a net income of US$ 73.3 million, thanks to optimization and cost management measures and the rigorous prioritization of high-return investments within the portfolio. Along with this, proven oil and gas reserves have grown by more than 220% between 2010 and 2020, thanks to the contribution of cash flows generated by each subsidiary that allowed self-financing of new investments and projects.

The focus of the business is to maintain a Reserve Replacement Index higher than 100% in the following years, adding new businesses in a self-financing manner and continuing to send dividends to its parent company, ENAP Chile. Since its creation, Enap Sipetrol has paid dividends to ENAP for more than US$ 1.385 billion.

Denisse Abudinén, Chief Executive of Enap Sipetrol and General Manager of Egypt branch, points out that “thanks to this effort, today Enap Sipetrol is in a very good position to continue its expansion thus focusing on recovering the high profitable levels of investment in Ecuador and Egypt. In 2021, 8 wells are expected to be drilled in Ecuador and between 2 and 3 wells in East Ras Qattara Concession in Egypt.”

Along with this, she adds that ENAP is making progress to incorporate new blocks in these subsidiaries that allow Enap Sipetrol to maintain its reserve levels thus giving sustainability to the business. To that end, Enap Sipetrol is studying different business opportunities in the Egyptian Oil & Gas sector with the objective to expand the company portfolio in Egypt due to the good results that the company has had in the country.