Oil Production in Guatemala Falling

Oil production in Guatemala has been gradually reducing, given the depletion of existing wells and the lack of exploration of new sites.

Although in the year 2000 7.5 million barrels were extracted, in the following years a decline has been noted, according to an article in ElPeriodico.com.gt. In this way, in 2005, 6.5 million barrels were extracted , in 2008 the figure was 5.1 million, in 2009 production fell to 4.9 million barrels and in 2010 it totalled 4.3 million and in 2011, the number fell to 3.9 million barrels, according to statistics from the Ministry of Energy and Mines (MEM).

"The existing wells have a lifespan that has already begun to decline and as long as production is not increased the trend will continue, the only way to reverse it is with new exploration and exploitation," said Erick Archila, the new head of the MEM, according to the web site.

Source: elperiodico.com.gt

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