Guatemala: Plan for National Hydrocarbons Agency

The Guatemalan State is proposing to boost oil extraction by creating an agency independent of the Ministry of Energy and Mines.

Monday, October 7, 2013

Keeping in mind the model followed by Colombia, "the Ministry of Energy and Mines (MEM) wants to create a National Hydrocarbons Agency, to increase the exploitation of those resources."

"... The last two administrations have raised the possibility of creating entities related to oil exploration.

In February MEM officials explained that another alternative would be to create an Institute of Oil and Gas, similar to the model used by the state-owned Petroleos Mexicanos (Pemex). "

The functions proposed for the National Hydrocarbons Agency are assessing hydrocarbon potential, awarding grants and contracts, pricing oil for purposes of the payment of royalties, "in addition to collecting, liquidating and transferring royalties and compensation for the country. "

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.

Uncertainty in Guatemala Over Oil

January 2016

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."

Oil Contract Signed in Guatemala

January 2015

The contract awarded to Greenfields Petroleum to carry out exploration and exploitation of hydrocarbons in the El Cedro, between Alta Verapaz and Petén is now in effect.

The Ministry of Energy and Mines approved the contract with Greenfield Petroleum, effective as of January 2, 2015, to carry out exploration and exploitation of hydrocarbons in the area El Cedro 6-2012.

Guatemala offers exploration of hydrocarbons to Ecopetrol

August 2008

Guatemala offered the possibility to explore (and to extract) six areas in the country for hydrocarbons (three for gas and three for petroleum).

Officials from the National Competitiveness Program presented to Ecopetrol the potential for extracting hydrocarbons from these six areas.

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