Oil Extraction Down in Guatemala

Oil production has been shrinking for the past 6 years.

Thursday, August 20, 2009

2.9 billion barrels were produced in July 2009, 2.9% less than the same period of 2008, and 45% less than 2003, when output reached 5.3 billion barrels, according to data from the Ministry of Energy and Mines (MEM).

"Mario Godínez, MEM hydrocarbons sub-director, explained that the reduction is due to natural and technical factors, as well as several contracts expiring", reported SigloXXI.com.

More on this topic

Guatemalan Crude Oil Production Keeps Going Down

February 2011

Crude oil production dipped 11.5% in 2010 when compared to 2009.

Data from the Ministry of Energy and Mines (MEM) highlights a downward trend in place since 2006: 5.8 million barrels in 2006, 5.5 million in 2007, 5.1 million in 2008, 4.9 million in 2009 and 4.3 million in 2010.

Oil Production Down 4.3% in Guatemala

February 2010

In 2009, the country produced 4.9 million barrels, a 4.3% reduction when compared to 2008.

Between 2002 and 2003, oil production surpassed 9 million barrels, with a daily average of 24.000 barrels. In 2009, the daily average was just 12.500 barrels.

An article in Elperiodico.com.gt published statements by the Energy Ministry, who “attributes the drop to the natural decay of the oil fields, but assured there are investments planned to increase production at those fields”.

Guatemalan Oil Production Drops

November 2009

Oil production from January to October 2009 dropped 3.25% when compared to the same period of 2008.

Mario Godínez, from the Ministry of Energy and Mines, explains this as a result of less oil drilling.

"...Guatemala has potential for larger production, but lacks investment capital", said Geoffrey Martin, CEO of Perenco.

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.

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