Another Tender for Oil in Guatemala

The Minister of Energy and Mines has announced that in April 2012 a tender will be put out for oil exploration and development in six different areas of the country.

Monday, March 26, 2012

Minister Erick Archila said he expected to receive bids and make the award in August and September of this year, giving a period of four months to promote competition within and outside Guatemala.

"Domestic oil production has fallen by 56% in the last 10 years, going from nine million barrels in 2002 to 3.9 million in 2011. Daily production was 24,671 barrels in 2002, and fell to 10,899 in 2012," reported Prensalibre.com quoting data from the Ministry of Energy and Mines.

According to the minister, they are aiming to apply the experiences of Colombia and Ecuador - "Latin America's most successful models in the oil arena" – in order to carry out the process.



More on this topic

Guatemalan Oil Opportunities Presented

August 2012

Representatives from 45 companies attended a presentation about the oil areas that Guatemala will put out to tender.

Representatives from the companies Hupecol, Superior Energy Services, E & P Sucursal Colombia, Trayectoria del Gas, Petro Dorado, Ecopetrol, Pacific Rubiales, Geopetrocol and delegates from Perenco Guatemala and Perenco Colombia, participated in the presentation made by the Ministry of Energy and mines (MEM) held in the Colombian capital.

New Drive on Oil Exploitation in Guatemala

February 2012

The new Minister of Energy and Mines intends to encourage the development of the mining sector in order to reach 50 thousand barrels per day.

Oil production in Guatemala has declined from 25,000 barrels to 10,000 barrels per day, admitted Minister of Energy and Mines, Erick Archer, who aims to promote an ambitious plan to boost oil output and reach 50 thousand barrels per day within 4 to 5 years.

City Petén to Explore Oil in Yalcanix

September 2011

The regulator has awarded the company City Petén a concession for oil exploration in the Guatemalan location.

City Petén has a $30 million investment plan for the first three years, compared with $11 million held by the other participating company Perenco.

"Although the Ministry of Energy and Mines (MEM) has not yet made the Certifying Board’s decision’s public following the evaluation of bids submitted on May 30, Minister Alfredo Pokus reported through his press chief, Rene Rodriguez, that they are in the approval stage with the Cabinet of the Government", reported Elperiodico.com.gt

Guatemala Steps up Interest in Oil Exploration

April 2011

Forty-five companies have shown interest in bidding for exploration of 4 oil areas in Petén.

In times of record oil price rises, there is mounting interest from different companies specializing in oil exploration in Guatemala.

An article in Siglo XXI declares: The two biggest areas to explore are PTN-1-2008 with an estimated reserve of 257 million barrels of oil, and PTN-6-2008 with 146.45 million."These projects are supported by the Guatemalan Chamber of Commerce (AmCham) because they promote the development of the country, " said Executive Director, Carolina Castellanos. "

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