6.250
%
Positive
17
mm boe
20
%
Chile remains a lucrative place to operate, and its limited O&G exposure means significant fiscal changes are unlikely. José Antonio Kast's election in December 2025 brings a pro-business government, although lithium and copper policy remain the key issues. Outlook maintained because the change of government reinforces a stable, pro-investment environment. Outlook: Positive. Risk premia unchanged at 6.25%.
October 7, 2026
Americas - South
mm bbl
bcf
Southern South America, bordering the South Pacific Ocean, between Argentina and Peru.
Concession
As a general rule, the oil and gas industry is subject to the same general tax regime and tax regulations as any other industry in Chile. However, Chile’s Political Constitution, the exploration, exploitation or benefits arising from deposits or oil fields that contain substances that are not freely traded may be carried out by means of administrative concessions or through special operating contracts or agreements.
Chile retains strong institutions after two failed constitutional rewrites. José Antonio Kast won the December 2025 run-off and took office in March 2026, signalling a more business-friendly, pro-mining agenda. US and UK guidance cite transparency, rule of law and an extensive FTA network, but note slow permitting and a national lithium strategy that gives the state a controlling role (the Codelco–SQM partnership). Hydrocarbon output is negligible (ENAP in Magallanes), so Chile relies on imported LNG and gas from Argentina, and it is prioritising renewables and green hydrogen.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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