Extension to Oil Contract Signed in Guatemala
The renewal of the concession to Perenco was in doubt and Germany had offered to create a compensation fund to substitute it.
Friday, July 23, 2010
The contract, number 2-85, represents almost 98% of Guatemalan oil production and is unpopular among environmentalists. The extraction operations take place within the area of the Maya Biosphere Reserve, world renowned for its unique qualities and biological diversity.
President Alvaro Colom endorsed a 15 year extension to Perenco’s crude oil extraction contract.
Perenco Guatemala Limited would invest $50 million if the government extends its 2-85 extraction contract in the north of Petén.
The current exploitation contract with Perenco Guatemala will be extended for a maximum of 9 months, while the new tender is prepared.
The Guatemalan Environment, Culture and Sports, and Interior Ministers have suggested that the law was broken in extending the Perenco oil exploitation contract.
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