Guatemalan Crude Oil Output Down 34 Pct Y/Y Jan-Oct 2007

The crude oil output of Guatemala decreased 34 pct year-on-year to 3.7 million barrels over the period January to October 2007, the daily Siglo XXI said on January 8, 2008.

The crude oil output of the Central American country has been constantly falling since 2002. However, the revenue from oil sales is not decreasing due to the growing international oil prices.

The Government of Guatemala is currently working on the exploration of new oil fields in the country. Such exploration is expected to start before the end of the current year. New oil fields have been recently discovered near the border with Belize.

According to a recent study of the French oil company Perenco, Guatemala has a potential to reach a crude oil output of 200,000 barrels per day (bpd).

Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: January 9, 2008


Pronacom: US$340mn/y needed for infrastructure

Guatemala requires 2.6bn quetzales (US$340mn) in annual infrastructure investment to maintain current growth levels, newspaper Prensa Libre reported.

The estimate comes from the government's 2005-15 national competitiveness program (Pronacom), which projects investing at least US$700mn in the first two years of president-elect Álvaro Colom's term to continue with modernization works at the La Aurora international airport, expand highways, improve ports and other works.

The new administration - elected in September 2007 and to take office mid-January - will have to continue investing in infrastructure to reduce the gap between the country's rich and poor, Pronacrom representative Juan Carlos Paiz was quoted as saying.

One project Pronacrom considers essential is a metropolitan beltway to accommodate the 65,000 vehicles that enter the capital every day, according to the report. No investment figures were given.

The majority of Guatemala's roads are not paved, with 59% of the network being rural roads, of which only 42% are paved, the paper reported.

Pronacrom is a strategic plan created by Guatemala's prior administration to foster development of its tourist, export and energy sectors.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: January 7, 2008

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