Guatemala to Increase Oil Production

The government intends to increase production from 13.000 to 70.000 daily barrels.

Tuesday, September 29, 2009

This was stated by president Álvaro Colom, who is in Chile participating in the III Competitiveness Forum.

He "expressed his desire of having the country produce 70.000 daily barrels of oil by the end of his administration in 2012. This way, the country could 'satisfy its internal fuel demand'", reported Google News.

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.

Pacific Rubiales to Explore Oil in Guatemala

October 2010

The Colombia - Canadian firm will operate the 7-98 oil contract, which has a potential for 4,000 million barrels.

Pacific Rubiales has signed an agreement with Flamingo Energy Investment Ltd, Guatemala Chx Limited and Atlantic Petroleum Company SA, whereby they will get a 55% stake and operation of the oil extraction located in Petén.

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 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”.

Arguments Over Oil in Guatemala

October 2009

"It is impossible to increase oil production fivefold in two years".

The opinion of Venezuela's former Energy minister contradicts statements made by Guatemalan President Alvaro Colom (see Guatemala to Increase Oil Production).

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