With an investment of $15 million in a second well, the reservoir volume and economic viability of its operation can be confirmed.
The company City Petén has invested $15 million in order to begin drilling a second well in the field at Ocultún in Petén. The Panamanian company plans to confirm the finding of a large reservoir of natural top quality gas and its production potential.
The company City Petén has discovered a reservoir of high quality condensate, rich in butane and propane, in an oil well in Ocultún, Petén.
"Everything indicated that Guatemala only had heavy oil with high sulfur content. However, this discovery of natural gas is changing the energy mix in the medium term, " said Luis Ayala, director of Hydrocarbons of the Ministry of Energy and Mines.
The change of government in Guatemala has delayed the ratification of a contract awarded to City Petén for oil drilling in an area with 140 million barrels.
On October 31st, 2011, at the end of the Colon administration, the Ministry of Energy and Mines signed a concession contract to exploit oil in the Yalcanix (PTN 1-2008) area with the Guatemalan company City Petén after a tender in which only two other companies, Perenco Guatemala and the aforementioned City Petén participated. The offer from Perenco was $11 million and City Petén’s was $30 million. Both companies have experience in oil exploration in the country.
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