The decline in international oil prices is already affecting companies that exploit the resource in the country, meanwhile, contracts awarded in 2014 have not yet been signed.
Authorities at the Ministry of Energy and Mines (MEM) and the companies that received concessions to explore and exploit oil in the country predict a significant decline in investment in the sector this year, due to the downward trend in oil prices in the international market. This year it is expected that three contracts that were awarded in 2014 will be signed, and also "... the possibility of an oil tender has arisen, for which several blocks in Alta Verapaz and Peten have been earmarked."
With the opposition from the private sector, the government insists on delaying for five years the fulfillment of the agreement which establishes a reduction in the level of sulfur contained in diesel.
April 15, 2015 is the deadline given by the Council of Ministers of Economy and Foreign Trade of Central America (Comieco) to reduce the concentration of sulfur in diesel. However, the government argues that it does not yet have the necessary equipment "... to control product quality and reassure consumers that they are purchasing low sulfur diesel."
The Government has announced the creation of a unit focused on the incorporation of ethanol into the fuel energy matrix.
The Ministry of Energy and Mines (MEM), with technical and financial support from the Organization of American States will create a biofuels unit to incorporate a pilot plan to replace 5% of the gasoline used with ethanol.
The continued decline in production since 2011 might be compensated with the opening of a new well in the field of Atzam.
Data from the Directorate General of Hydrocarbons at the Ministry of Energy and Mines (MEM) reveals that in 2013 oil production reached 3.640 million barrels, 231 million less than the previous year when 3,870 million was recorded, which means a drop of 6%.
The Ministry of Energy and Mines plans to increase domestic oil production from 10500 to 12500 barrels a day.
This is due to a strategy of self-sufficiency in electric power, according to Luis Ayala, director general of hydrocarbons, it is related to the drilling of two new wells and a change in the method of generating electricity in the Xan field, northwest of Petén.
In the first quarter of 2011 the country received $133.91 million from the sale of oil, 61% more than in the same period in 2010.
In terms of volume, Guatemala sold 1.41 million barrels during the period, 5.2% more than in the same months last year.
César Corado, director of hydrocarbons, said the change is due to international prices of crude oil and the fact that they negotiated a better contract, "before it was with Maya crude oil and now we use Mars Louisiana."
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