Guatemala Prepares Oil Tender

The Ministry of Energy and Mines is continuing its search for companies interested in participating in a tender for the seven oil fields located in Petén.

Friday, July 27, 2012

Investors from Canada, the USA and Uruguay have participated in briefings and for in the next few weeks so will businessmen from Colombia and Brazil.

Minister Erick Archila described the briefings as very successful and expects that all the areas can be awarded in the next tender.

"According to Archila, the 7 areas to be tendered are located in the department of Petén, one of these bordering Izabal. He discarded, for now, the possibility of bidding on an area in the territorial waters of the Pacific Ocean, where there are expectations that there may be natural gas fields. He said that this area in the Pacific could be ready to be tendered in 2014", reported Elperiodico.com.gt.

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More on this topic

Offers by Oil Companies in Guatemala

February 2013

Nine companies have submitted 15 bids to the Ministry of Energy and Mines, in the tender for exploration and exploitation of seven oil fields.

Prensalibre.com reports that "The Cotzal area (Petén) received five applications; Laguna Blanca (Petén) and El Cedro (Alta Verapaz), three; San Francisco, two, and Cancuén (Petén) and Xalbal (Quiché) one, respectively. The area of La Libertad (Petén) did not receive any bids".

Problems with Oil Contract in Guatemala

August 2012

The government is negotiating negotiate contractual issues with City Petén, concessionaire of the exploration and exploitation contract for oil area Petén 1-2008.

In order to complete the award process seven legal aspects that have been identified by the Ministry of Energy and Mines (MEM) must be corrected, said the head of the ministry, Erick Archila.

Uncertainty Over Oil Concession

May 2012

The change of government in Guatemala has delayed the ratification of a contract awarded to City Petén for oil drilling in an area with 140 million barrels.

On October 31st, 2011, at the end of the Colon administration, the Ministry of Energy and Mines signed a concession contract to exploit oil in the Yalcanix (PTN 1-2008) area with the Guatemalan company City Petén after a tender in which only two other companies, Perenco Guatemala and the aforementioned City Petén participated. The offer from Perenco was $11 million and City Petén’s was $30 million. Both companies have experience in oil exploration in the country.

Oil Company Transfer Contract Authorized

January 2012

The Ministry of Energy and Mines of Guatemala has authorized the General Fuel Company to transfer a contract to Ceiba Petroleum.

The transfer is of 90% of the rights and obligations of the Contract for Production Sharing Number 4-93.

"This transfer of rights was agreed on December 20th at the offices of notary Morales Luis Fernando Pinzon, according to the official daily publication.

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