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.
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.
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 energy company has presented its plan for the second quarter to the government.
The Colombia - Canadian firm will operate the 7-98 oil contract, which has a potential for 4,000 million barrels.
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