New Attempt to Block Perenco Contract Extension

A new Guatemalan Constitutional Court motion has been filed against the expanded Perenco contract on the grounds of unconstitutionality.

Monday, August 9, 2010

The new motion, presented by the independent congressman Aníbal García, claims that the new contract is without merit since Perenco has been deemed “ineffective” by the Guatemalan Tax Revenue Authority (SAT) since June 2006.

“This legal action follows another currently under review by the Constitutional Court (CC) that seeks to strip the contract of any legal merit by showing that it is unconstitutional. The previous motion was filed by the environmental organization Calas,” reports Prensalibre.com.

More on this topic

Ministers Question the Legality of the Perenco Expansion

July 2010

The Guatemalan Environment, Culture and Sports, and Interior Ministers have suggested that the law was broken in extending the Perenco oil exploitation contract.

According to Luis Ferraté, Environment Minister, by expanding the scope of the project the extension violates laws regulating hydrocarbon exploitation, in which "only contract extensions are authorized, not modifications or expansions, as stated in the contract signed by the Minster for Energy and Mines (MEM) with Perenco".

Petroleum Company to Invest $50 Million in Guatemala

May 2010

Perenco Guatemala Limited would invest $50 million if the government extends its 2-85 extraction contract in the north of Petén.

Geoffroy Martín-Denavit, CEO of the multinational corporation, explained they would drill 5 new oil wells in the first two years, expanding their production capacity.

Guatemala Extends Contract for Oil Company Perenco

March 2010

President Alvaro Colom endorsed a 15 year extension to Perenco’s crude oil extraction contract.

The announcement was made by Carlos Meany, Energy and Mines minister, who explained that if the contract was not renovated, the State would lose $125 million a year.

Newspaper Siglo XXI interviewed Meany, and asked him about why the Environmental Ministry opposed to renewing this contract.

15 Companies After Guatemalan Oil Fields

December 2010

Executives from 15 international companies participated in the briefing of new bidding areas.

Tradex, Perenco, Tenseco Energy Corporation y Odebrecht are among the companies showing interest.

In case of Perenco, his vice president, Larry Bottomley, stressed the importance of expanding its operations in Guatemala, "so we are open to participate in the bidding," reported Prensalibre.com.

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