Guatemala eyes Petrobras and Pemex

Guatemalan Energy and Mines Minister Carlos Meany, considers the possibility of extracting oil and gas from offshore wells in the Pacific Ocean with the help of foreign companies.

Meany said the “the possibility exists” to find important crude reserves in an area about 75 kilometres from the Port of Quetzal at a depth of 2000 metres.

It would be necessary to rely on high tech equipment in order to begin exploration, said Guatemalan newspaper La Hora.

Several foreign companies have been invited to make studies to determine the feasibility of extraction.

Among the companies contacted, Meany finds that Brazil’s Petrobras has the technological capacity to implement extraction projects in the open sea.

He said that prior to investing in infrastructure, economic and technical studies must be made so they may determine if there is a benefit to this plan.

Meany will be speaking with hydrocarbon specialists in order to evaluate conditions for offshore drilling.

Mexican oil giant Pemex, visited the country in past days to make an analysis of the conditions present in the area just as Petrobras is currently doing in the north of the country, Meany said.

In the Rubelsanto oilfield between Peten and Alta Verapaz, Petrobras is conducting specific studies as to the capacity of crude wells.

Renato Zanetti from Petrobras, said that the evaluations will determione if investments will be made in Guatemala for the extraction of crude.

Zanetti said that Petrobras currently has a presence in 29 countries “and Guatemala could be number 30.”

Meany said that by relying on foreign investments for the extraction of hydrocarbons, it will allow for an increase in the current production and with it will guarantee the internal needs of the country.

Sources in the ministry maintain that daily demand for crude is 75 thousand barrels while production is only 14 thousand barrels.