Isla Grande de Tierra del Fuego (English: Big Island of the Land of Fire) also formerly Isla de Xátiva is an island near the southern tip of South America from which it is separated by the Strait of Magellan. The western portion (61.4%) of the island () is in Chile (Province of Tierra del Fuego and Antártica Chilena Province), while the eastern portion (38.6%, ) is in Argentina (Tierra del Fuego Province). It forms the major landmass in an extended group of islands or archipelago also known as Tierra del Fuego. The island has an area of , making it the largest island in South America and the 29th largest island in the world. Its two biggest towns are Ushuaia and Río Grande, both in Argentina. Other towns are Tolhuin, Porvenir, Camerón, and Cerro Sombrero. The Argentine side, Tierra del Fuego Province, has 127,205 inhabitants (2010), whereas the Chilean side, even though its area is significantly larger, has only 6,656 (2012), almost all located in the Tierra del Fuego Province. Its highest point is unofficially named Monte Shipton (), in Chile. Nearby Mount Darwin was previously thought to be the tallest mountain on the island for a long time, but is just less than a hundred metres shorter. The northern parts of the island have oil deposits; Cerro Sombrero in Chile is the main extraction centre in the island. On 17 December 1949, an earthquake occurred in the Chilean portion, near the Argentine border. Recorded as 7.8 on the moment magnitude scale, it was the most powerful ever recorded in the south of Argentina. Geography Tierra del Fuego is bounded on the east by the South Atlantic, on the north by the Magellan Straits and on the south and west by a series of fjords and channels linked to the Pacific Ocean. One of the few prominent features of the northeast shore is San Sebastián Bay. To the south the island is bounded by the Beagle Channel, south of which lie a series of islands included in Chilean territory. To the west the island has two major inlets, Inútil Bay and Almirantazgo Fjord. The latter lies along the Magallanes–Fagnano Fault and is a continuation of the Cami Lake depression in southern Tierra del Fuego. The southwest part of the island, between the Almirantazgo Fjord and the Beagle Channel and extending west to end at Brecknock Peninsula on the Pacific Ocean,