Guatemala Announces Bidding for Oil Areas

The government announced the start of the bidding process for four oil fields.

Wednesday, December 1, 2010

One of the areas to be auctioned is located between the municipalities of San Andrés, San Benito and La Libertad, Petén. The second is shared between San Francisco, San Benito and La Libertad. The third from Coban, Alta Verapaz, and Ixcán, Quiché and the last in Santa Elena, San Francisco and Dolores, Petén.

"With these new areas there is a plan to increase oil production from 80 thousand to 150 thousand barrels per day," said Alvaro Colom during the framework of the IV Central American Energy Fair, reports Prensalibre.com.

More on this topic

Only Two Bids for Oil Tender in Guatemala

June 2011

Only two companies, Perenco and City Petén, have submitted bids for the Yalcanix block, located in Petén.

For the other three areas tendered, San Francisco, La Libertad and Xacbal, no bids were received at all. The Ministry of Energy and Mines will decide whether to convene a new tender.

Guatemala Steps up Interest in Oil Exploration

April 2011

Forty-five companies have shown interest in bidding for exploration of 4 oil areas in Petén.

In times of record oil price rises, there is mounting interest from different companies specializing in oil exploration in Guatemala.

An article in Siglo XXI declares: The two biggest areas to explore are PTN-1-2008 with an estimated reserve of 257 million barrels of oil, and PTN-6-2008 with 146.45 million."These projects are supported by the Guatemalan Chamber of Commerce (AmCham) because they promote the development of the country, " said Executive Director, Carolina Castellanos. "

Guatemala Readies Bidding Rules for Oil and Gas Blocks

January 2010

President Álvaro Colom informed that Guatemala will publish bidding rules for new oil and natural-gas blocks before the end of next week.

This process is part of a plan to increase the country's oil production to 60.000 barrels a day in 2011, up from the current 16.000. The winner of the auction will be announced 60 days after the publication of the rules.

Alvaro Colom approaches American transnational companies

August 2008

The President invited Exxon Mobil Corporation to participate in oil exploration in Guatemala.

While attending the II Competitiveness Summit of the Americas, in Atlanta, Georgia, USA, President Colom met with representatives of the transnational companies in that country.
Even though there were not any final agreements resulting from the talks, the President presented a series of invitations to the companies.

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