The decline in global prices is the main reason behind the abandonment of several areas on the part of concessionaires, added to which is confusion around the mining moratorium.
Guatemala went from extracting 9 million barrels of oil in 2003 (a daily average of 24 thousand barrels) to just 3 million in 2015 (10 thousand barrels per day), recording a drop in production of 59.4% in twelve years. Factors such as the rapid decline in oil prices, lack of implementation of contracts and lack of transparency continue to affect the competitiveness of companies interested in investing in exploration and exploitation.
President Ricardo Martinelli has announced that concessions for prospecting and exploring oil and natural gas will be awarded before the end of year.
Laestrella.com.pa reports that "The President addressed the issue when speaking about the interest that his administration has in getting more companies interested in investing in the production of sugar and ethanol in Panama."
Nicaragua published a map offering ocean areas for hydrocarbon exploitation while Costa Rica claims ownership over some of these sea territories.
In a protest note sent by the government of Costa Rica to Nicaragua, Costa Rica states that "it does not acknowledge or recognize any right or effect or product of any concessions granted in the past or in the future by Nicaragua ... in these areas. Costa Rica reserves the right to take, and it will take, any and every legal action, both locally and internationally, against any claim of rights made in relation to these spaces, or resources, living and non-living, existing there" .
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.
The Mining and Energy Ministry (MEM) will put out to tender six oil fields located in Peten, Quiche and Alta Verapaz in 2011.
The tender is scheduled for January 2011, said Alfredo Pokus, Deputy Minister of Mines and Hydrocarbons. Documentation will be made available over the course of the week to the General Secretary office, to be reviewed and approved.
Quetzal Energy announced it discovered 36 degree API oil when drilling at Atzam #3A well in its 1-2005 Exploration and Production contract area.
The Company is very encouraged by the presence of 36 degree API oil in the over-pressured C-12 reservoir which was encountered in a significantly structurally higher position relative to surrounding wells.
WER plans to investigate the viability of 12 project sites with a focus on environmentally-friendly oil and natural gas extraction methods
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.
British Petroleum is negotiating with Petroterminales of Panama to move crude oil from the Caribbean coast in Bocas del Toro to the Pacific area of Chiriqui using the pipeline.
Mauricio Ruiz of British Petroleum (BP) said yesterday that the project is very important for the company because they have had to make adjustments as the world supply and demand dynamic changes, since the oil for the refineries on the US east coast no longer come from Alaska but from Western Africa.
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