News

At an official ceremony held on 23rd July 2010, in Flores, Peten, President of Guatemala, Alvaro Colom, announced that the Republic of Guatemala and Perenco have reached an agreement for the extension of the Company's license to operate for further 15 years. Minister of Energy and Mines, Romeo Rodriguez, and General Manager of Perenco Guatemala, Geoffroy Martin-Denavit, signed the relevant contracts three days previously, on 20th July 2010.
 
The ceremony in Petén was chaired by President, Alvaro Colom, Minister of Energy and Mines, Romeo Rodriguez, Minister of Defense, Agusto Valerzuela, Minister of Finance, Edgar Balsells, and General Manager Perenco Guatemala. Over 4,000 people attended the ceremony.

The Agreement stipulates for enhanced benefits for the Republic of Guatemala due to better terms on state participation and royalties. Perenco Guatemala is expected to carry out an investment programme for the total of US$35m.

The Agreement also provides for:
- The creation of a green battalion in the "Parque Laguna del Tigre" aimed to improve security and protection of the national park
- extra support for forestation projects of Conap (National Concil from Protected Areas)
- additional support to local communities that live alongside the pipeline

About Perenco

Perenco Guatemala Limited is a subsidiary of international oil Group Perenco which is active in hydrocarbons exploration/production around the world, notably in Gabon the Democratic Republic of Congo, the Republic of Congo, United Kingdom, Colombia, Peru, ,Turkey, Tunisia, Egypt. In Guatemala, Perenco operates Xan field/Refinery Lalibertad and a pipeline of 500km with 5 pumping stations and an onshore Terminal. The company's present production is 11,260 barrels of oil per day, i.e. 94% of national crude oil production.