Auckland, New Zealand Sept. 21, 2009 – World Energy Research, a New Zealand-based energy research and investment company, is moving into energy exploration in Guatemala. WER plans to investigate the viability of 12 project sites with a focus on environmentally-friendly oil and natural gas extraction methods.
Of the 12 sites, three are natural gas reserves off the Pacific coast of Guatemala and nine are onshore sites located in the departments of Peten, Huehuetenango, Quiché and Alta Verapaz. All projects will be privately operated and based on contracts by the Guatemalan government.
This development is expected to bring multiple benefits to the area, including the creation of up to 1500 direct and indirect jobs in each project area. As well, World Energy Research is structuring plans for a long term and holistic preservation of the Maya Biosphere Reserve. Next to the Brazilian Rain Forest, the Maya Biosphere Reserve is the world’s second largest oxygen producing natural habitat.
Chad Willis, managing director of World Energy Research, said, “This move into Guatemala will be an important advancement not just for our company and our investors, but also for Guatemala who will benefit from having their own sustainable energy market into the future, possibly even enough to develop their export markets.”
Guatemala is the largest oil-producing nation in Central America.
The U.S. firm could explore in an area next to the exploration site of Britain's BG Group, which has already received a concession from the Government.
The U.S. company Chevron said it still intends to investigate the existence of oil and natural gas in Honduran maritime territory. The company aims to do so in an area adjacent to the place where BG Group has a concession to explore 35,000 square kilometers.
Spanish oil company Repsol has announced its interest in exploring oil deposits in the subsoil of the new Nicaraguan Caribbean seas.
Emilio Rappaccioli, Minister of Energy and Mines (MEM), made the announcement in a press conference where he said, "We already have a request from a new company, well known worldwide, Repsol, but the area of interest to them has not not yet been defined. '
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”.
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