According to the head of the Ministry of Energy and Mining (MEM), Carlos Meany, they have established 13 oil fields that can be explored, and eventually, to extract both natural gas and crude oil.

The intention of the authorities is to hold the bidding as soon as possible and they are hoping that the drop in the price of oil will only be temporary; therefore they estimate that it is still the right time to begin the public process.

Source: sigloxxi.com

More on this topic

Nicaragua Re-Exports Oil to El Salvador

May 2012

The company Albanisa S.A. exported crude Venezuelan oil and derivative products to El Salvador worth a total of $204 million in 2011, at an average price of $102 a barrel.

The data has been provided from an investigation by the newspaper La Prensa of Nicaragua citing data from the Analysis Unit of the Directorate General of Hydrocarbons at the Ministry of Economy in El Salvador.

Oil Production Down 4.3% in Guatemala

February 2010

In 2009, the country produced 4.9 million barrels, a 4.3% reduction when compared to 2008.

Between 2002 and 2003, oil production surpassed 9 million barrels, with a daily average of 24.000 barrels. In 2009, the daily average was just 12.500 barrels.

An article in Elperiodico.com.gt published statements by the Energy Ministry, who “attributes the drop to the natural decay of the oil fields, but assured there are investments planned to increase production at those fields”.

Guatemala Puts Rubelsalto´s Petroleum Contract Out to Bid

February 2009

Upon the success of the operating contract by the business Perenco, the Department of Energy and Mines reported that the public noticing process has been opened.

Byron Dardón, in his article published in Prensalibre.com, writes: "Carlos Meany, Minister of Energy and Mines, commented that, along with the petroleum field, also opened was the process for the exploration process for deposits of Western Chinajá, the Caribbean and Tierra Blanca, that form part of the area A6-2005, from where crude oil has been extracted for 25 years."

Guatemala to put petroleum contract to tender

February 2009

The current exploitation contract with Perenco Guatemala will be extended for a maximum of 9 months, while the new tender is prepared.

SIGLOXXI.com reports on its website: "The Minister of Energy and Mining (MEM) will extend the Contract for Emergency Petroleum Services next week, for up to nine months. This has been entered into with Perenco Guatemala Inc. since 2005. The company administers the areas known as 1.85.