Guatemala; Exploration For Oil And Natural Gas

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By Tom Johnson 9-21-09

World Energy Research, a New Zealand-based energy research and investment company, is moving into energy exploration in Guatemala. WER plans to investigate the viability of 12 project sites with a focus on environmentally-friendly oil and natural gas extraction methods.

Of the 12 sites, three are natural gas reserves off the Pacific coast of Guatemala and nine are onshore sites located in the departments of Peten, Huehuetenango, Quiche and Alta Verapaz. All projects will be privately operated and based on contracts by the Guatemalan government.

This development is expected to bring multiple benefits to the area, including the creation of up to 1500 direct and indirect jobs in each project area. As well, World Energy Research is structuring plans for a long term and holistic preservation of the Maya Biosphere Reserve. Next to the Brazilian Rain Forest, the Maya Biosphere Reserve is the world's second largest oxygen producing natural habitat.

Chad Willis, managing director of World Energy Research, said, "This move into Guatemala will be an important advancement not just for our company and our investors, but also for Guatemala who will benefit from having their own sustainable energy market into the future, possibly even enough to develop their export markets." Guatemala is the largest oil-producing nation in Central America.