Alyonca is investing $16 million in the rehabilitation of wells and is preparing to start oil production in Alta Verapaz, Guatemala.
The oil field from which the company will produce is in the Municipality of Fray Bartolome de las Casas, and the plans of the company are to attend the local industry and, in the future, make a new investment to refine the product that is extracted.
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 "...
The current national accounts methodology could be causing an underestimation of the value and potential of an industry that has become a success.
In his article in Ca-bi.com, Paulo de León objects to the failure to update the Guatemalan national accounts system, resulting in an underestimation of the weight of the sector in the Guatemalan economy, as that system does not incorporate the shift in the energy matrix towards renewable energy.
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.
The fall in oil prices has reversed the cost equation which previously favored investment in renewable energy.
EDITORIAL
The effect of the price of a barrel of oil falling below $50 is now being felt in the decisions which must be taken by energy buyers and regulatory officials in the electricity markets. The thing is that -suddenly - electricity produced using hydrocarbons may cost less than energy from solar power, and even hydroelectricity.
Noble Energy will analyze the information obtained in the failed first well in order to decide whether to drill a second exploratory well.
According to David Nock, country manager for Noble Energy Nicaragua, the results of the excavation of the first well will be used to evaluate the exploration potential in that area.
"All of the information obtained from this well will be integrated into our regional geological model, this will help us evaluate the remaining exploration potential at our position of nearly two million acres offshore of Nicaragua. This process could take more than a year," he said.
Noble Energy announced that no oil was found in the first well dug in the Nicaraguan Caribbean coast but they did gain valuable geological information.
The well drilled to a depth of 10,415 feet was not found not to contain any hydrocarbon accumulation.
"Although we are disappointed that there was no discovery, there were several positive observations during drilling," said Vice President of Exploration and Geoscience of the company, Mike Putmam.
The Guatemalan State is proposing to boost oil extraction by creating an agency independent of the Ministry of Energy and Mines.
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.
If the existence is confirmed and exploitation made of oil in the Darien, royalties for the state in 20 years could total $20 billion.
The regulations were published today in the official newspaper. According to a study by OTS Latin America LLC in Darien there are reserves of 900 million barrels of oil, therefore within 20 years the country will receive $20 billion in royalties from the $90 billion that could be generated for oil companies .
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.
A joint exploitation of oil in subsoil at the border, which would increase production in Guatemala by up to five times, is currently being analyzed.
According to Erick Archila, Minister of Energy and Mines (MEM), at the moment they are working on a bilateral agreement to exploit oil fields at the border. "This is a project which emerged from the last bilateral meeting between the Presidents of Guatemala and Mexico, a route has been estimated which is a similar to that of the authorities neighboring U.S. border areas," he added.
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.
The approval came after a long period of legal analysis.
Noble Energy will invest between $90 and $335 million in oil exploration drilling in the Nicaraguan Caribbean.
This will be carried out after determining in the exploration phase if there is up to a 25% chance of finding commercially viable oil. The company estimates that this new exploratory process may extend to three years, although after 90 days, starting from August, they will know the results of the first drills.
Congress passed after a single debate the operating contract for British Gas Group to explore and exploit oil in the country.
"The Commission issued a favorable opinion after considering that in the negotiation for exploration and exploitation there will be no losses for Honduras ...", reported Laprensa.hn.
"... Based on the Hydrocarbon Law, an agreement was made that is very favorable for the country in case of finding oil, natural gas or other hydrocarbons in the Caribbean".
The Honduran Executive has approved an oil concession in the Caribbean to the British company BG Group.
From a press release issued by the Presidency of Honduras:
The Cabinet on Tuesday approved a contract for exploration and subsequent exploitation of hydrocarbons in the sea area of Mosquitia, on the Caribbean coast of Honduras, awarded to the British company BG Group.