LG International and Geopark have agreed to exchange a stake in their respective oil blocks in Chile.
Under the agreement, LG International will acquire 10% stake in all oil blocks owned by Geopark in Chile for $70m.
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The oil blocks will include the Fell block, which has an oil and gas production capacity of 7,000 barrels, and the Tranquilo and Otway blocks, which are under exploration.
LG official said that with this agreement, the firm is ready to further expand resources development projects in the region.
