Oil Refining Plant in Guatemala

Based on the country's prospected oil potential, Ivanhoe Energy and Cobán Oil & Gas are proposing to invest $250 million.

Thursday, May 10, 2012

Both companies signed a letter of intent for joint investments of $250 million and reported that they expect to finish the process in 30 months, sign an investment agreement, and then start building the plant.

"Petén north and Petén south have great potential, where we recorded 120 million proven barrels" of oil, said Evanan Romero, representative of Coban Oil. He also suggested creating a national company to avoid the "ordeal" involving the procurement and legal processes, reported Prensalibre.com.

The proposed plant would have a capacity of 10,000 barrels and will increase the value of crude oil by U.S. $20 per barrel, according to estimates.



More on this topic

Guatemala: Slight Improvement in Oil Production

March 2018

After an 11% reduction in the output between 2015 and 2016, last year production totaled 9,641 million barrels, 7% more than the figures in 2016.

Due to the age of the wells operated by the company Perenco, according to figures from the Ministry of Energy and Mines, the national production of crude oil between 2010 and 2017 " ...

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.

Natural Gas Field in Guatemala

September 2013

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

"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.

Oil Exploitation in Guatemala

June 2011

The presidential candidates have expressed their thoughts on Guatemala’s oil potential, and how to exploit it to the benefit of various conflicting interests.

Alexis Batres in his article for Elperiodico.com.gt, reported statements by the presidential candidates, Eduardo Suger, Otto Pérez Molina, Sandra Torres and Harold Caballeros regarding Guatemala’s oil potential.

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Ministerio de Energía y Minas de Guatemala

Organization that operates in Guatemala.
Phone: (502) 2419 6464

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