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.
President Álvaro Colom informed that Guatemala will publish bidding rules for new oil and natural-gas blocks before the end of next week.
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.
Businessmen claim that "there are blatant requests from government officials for illegal payments or for having a share in the business."
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.
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