Guatemala to Tender Oil and Gas Fields in June

There will be seven terrestrial and three maritime concessions granted. In just 7 years, Guatemala could be self-sufficient in oil consumption.

Tuesday, May 5, 2009

The tenders may attract more than $235 million in exploration investments, most of them for gas off the Pacific coast of Guatemala. The leases will be for 25 years and will require at least six years of exploration.

In an article in Bloomberg.com, journalists Jeb Blount and Andres R. Martinez reported the words of Augusto César Corado Elias, director general of hydrocarbons of the Ministry of Mines and Energy of Guatemala, after a presentation in Rio de Janeiro: "If all goes as planned, we may have new exploration activities as early as next year and new output soon afterward. Our goal is self-sufficiency."

More on this topic

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.

Guatemala prepares petroleum concessions for 2009

December 2008

Authorities are preparing the procedure to put the areas for oil exploration and exploitation to tender, and expect to hold the international bidding during the first quarter of 2009.

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.

Bad Climate for Oil Business in Guatemala

April 2013

Businessmen claim that "there are blatant requests from government officials for illegal payments or for having a share in the business."

"U.S. oil company Greenfields Petroleum Limited, which is involved in the bidding competition to expand the exploitation of hydrocarbons in the country, yesterday asked the Ministry of Energy and Mines (MEM) for a clear and transparent process," noted an article in Prensalibre.com .

Oil Contract Approved in Guatemala

August 2013

The government has awarded the company City Petén a contract for exploration and exploitation of oil in the Yalcanix area in the department of Petén.

Jose Paez, legal representative of City Peten, said they plan to start environmental impact studies and in the next three years will be investing $30 million during the exploration stage.

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