Changes Incorporated in Perenco Contract
The recent renewal of Perenco's oil extraction contract removed the company's exclusive right to carry out certain activities.
Friday, July 30, 2010
The new contract gives the Ministry of Energy and Mines (MEM) the right to authorize and schedule "the use of perforation and intervention equipment, including any and all accesories required for its adequate functioning... with the aim of achieving national oil policy objectives".
The government is negotiating negotiate contractual issues with City Petén, concessionaire of the exploration and exploitation contract for oil area Petén 1-2008.
Executives from 15 international companies participated in the briefing of new bidding areas.
Representatives from 45 companies attended a presentation about the oil areas that Guatemala will put out to tender.
The current exploitation contract with Perenco Guatemala will be extended for a maximum of 9 months, while the new tender is prepared.
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