Guatemala Launches Oil Tender

The Ministry of Energy and Mines (MEM) has announced a tender for seven oil fields located in the north.

Tuesday, August 14, 2012

The contracts for the seven areas will be awarded for a period of 25 years, renewable for 15 more, under two different modalities.

"Luis Ayala, director of Hydrocarbons at the MEM, explained that 5 areas in the indirect exploration phase will be awarded under the first mode, where investors will be required to perform 2D and 3D seismic studies , and from the third year they will have the option to drill a well", reported Under this scheme awards will be given to the areas of Cotzal, San Francisco, La Libertad, Laguna Blanca and the Cancuén block.

The other mode, under which awards will be made for the areas of El Cedro and Xalbal are direct exploration contracts.
Receipt of bids is planned for late October and it is expected that the contracts will be awarded in December 2012 or January 2013.

More on this topic

Guatemala Oil is No Longer Competitive

March 2016

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.

Guatemala: New Tender for Oil Zone

February 2013

The "La Libertad" area will be tendered again in June, as it was the only of seven proposed areas for exploration that did not receive any bids in the last tender.

From a total of seven oil fields, La Libertad was the only area that did not receive any offers, therefore the Guatemalan authorities have created a new tender to be launched in June of this year.

Guatemala Receiving Bids for Oil Tender

January 2013

The Ministry of Energy and Mines in Guatemala is receiving the fee of $25,000 which enables bidders to take part in the tender for the concession of oil operations in 7 different areas.

According to an article, the Ministry of Energy and Mines (MEM) this week opened the tender for the award of contracts for oil operations in seven areas under direct and indirect exploration formats.

Guatemala Prepares Oil Tender

July 2012

The Ministry of Energy and Mines is continuing its search for companies interested in participating in a tender for the seven oil fields located in Petén.

Investors from Canada, the USA and Uruguay have participated in briefings and for in the next few weeks so will businessmen from Colombia and Brazil.

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