Guatemala's Oil Industry Enhanced by Pacific Rubiales

The arrival of petroleum company Pacific Rubiales to Guatemala reaffirms the country's oil potential.

Friday, January 7, 2011

That is the opinion of Bob Szczuczko, general manager of Quetzal Energy, adding that the participation of a company as well known as Pacific, facilitated the decision to retain their properties in the country.

Pacific Rubiales acquired the rights to exploit the nearby blocks of Quetzal, through an agreement with Flamingo Energy Investment Company and Atlantic Petroleum.

“This agreement gives them 55% participation in five prospects with potential for more than 4,000 million barrels of oil on site," reported BNAmericas.com.

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A proposal has been made to amend the Special Law on Exploration and Exploitation of Hydrocarbons in order to further extend search deadlines from 5 to 10 years for the operating period and from 1 to 6 years for exploration.

In order to provide longer time frames for exploration and mining stages, the President has sent to the National Assembly a proposal to reform the Special Law on Exploration and Exploitation of Hydrocarbons.

Nicaragua Re-Exports Oil to El Salvador

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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.

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Guatemala: Pacific Rubiales Oil Explorations Continue

May 2011

The energy company has presented its plan for the second quarter to the government.

Pacific Rubiale’s explorations in the country continue. The power producer is waiting for the government to approve the exploration plan for the second quarter, which was presented in February.

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.

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