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