Oil Production in Guatemala Down 6%

The continued decline in production since 2011 might be compensated with the opening of a new well in the field of Atzam.

Monday, February 10, 2014

Data from the Directorate General of Hydrocarbons at the Ministry of Energy and Mines (MEM) reveals that in 2013 oil production reached 3.640 million barrels, 231 million less than the previous year when 3,870 million was recorded, which means a drop of 6%.

However, Luis Ayala, director of hydrocarbons, said "in March a new well will be drilled in Atzam, and with the discovery of a gas condensate reservoir in the area awarded last year to City Petén, expectations for the oil industry range from maintaining daily production in 2013 at a similar average rate or managing a slight increase. "

"... With the start-up of new fields and if the investment programs planned by companies operating in the country are realized, there are good expectations for this year with the result that local production could rise and exports increase," said Arturo Latvian, Energy consultant.

"The planned investments totals $60 million in workovers, drilling, geological work, magnetometry and aerogravimetry."



More on this topic

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."

Current Oil Situation in Guatemala

October 2015

At the end of August 2015 production was 2.4 million barrels, 2.5% less than in the same month in 2014, mainly because of lower investment on the part of operators.

Low international oil prices are the main reason that companies drilling and extracting oil in the country have reduced their investments and therefore their production, taking advantage of the situation to carry out maintenance work in the fields.

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.

Guatemala Launches Oil Tender

August 2012

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

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

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