Natural Gas Field in Guatemala

The company City Petén has discovered a reservoir of high quality condensate, rich in butane and propane, in an oil well in Ocultún, Petén.

Wednesday, September 11, 2013

"Everything indicated that Guatemala only had heavy oil with high sulfur content. However, this discovery of natural gas is changing the energy mix in the medium term, " said Luis Ayala, director of Hydrocarbons of the Ministry of Energy and Mines. reports: "It is a reservoir of natural gas associated with oil that has been extracted from an oil well which is in an exploration phase, under concession from the Ministry of Energy and Mines, Contract 1-2006".

Jose Paez, City Petén's manager, said the finding was confirmed by three foreign companies who explained that the condensate is of high quality and rich in butane and propane. They expect to develop it in the future for electricity generation.

"In order to declare it commercial, exploration needs to be done, but it could completely change the entire energy scheme. It would not be immediate, but we could be on the verge of a change in energy issues, "said Luis Ortiz, former Minister of Energy and Mines.

More on this topic

Confirming Natural Gas in Guatemala Requires Another Well

February 2014

With an investment of $15 million in a second well, the reservoir volume and economic viability of its operation can be confirmed.

The company City Petén has invested $15 million in order to begin drilling a second well in the field at Ocultún in Petén. The Panamanian company plans to confirm the finding of a large reservoir of natural top quality gas and its production potential.

Plans to Industrialize Natural Gas

October 2013

The possibility that Guatemala has the necessary amount of natural gas for power generation attracts interest from various sectors.

A few weeks ago City Petén discovered a gas condensate reservoir from which, once refined, superior and regular gasoline and diesel and gas could be obtained.

Guatemala Plans to Increase Oil Production by 19%

September 2013

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.

Oil Contract Approved in Guatemala

August 2013

The government has awarded the company City Petén a contract for exploration and exploitation of oil in the Yalcanix area in the department of Petén.

Jose Paez, legal representative of City Peten, said they plan to start environmental impact studies and in the next three years will be investing $30 million during the exploration stage.

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