CAPITAL: Guatemala City
MONETARY UNIT: Quetzal
REFINING CAPACITY: 20,000 b/cd
OIL PRODUCTION: 20,000 b/d
OIL RESERVES: 200 million bbl
GAS RESERVES: 10 bcf
Norcen Energy Resources Ltd., Calgary, acquired Bahamas-based Basic Petroleum International Ltd., including operations in Guatemala, for $303 million. It planned to spend more than $100 million to almost double Basic`s mid-1997 production of 24,000 b/d.
Most of the production is 16° gravity oil from Xan field. Reserves booked were 65 million bbl proved plus 18 million bbl probable. Exploration blocks cover 1.6 million acres.
Parker & Parsley Petroleum Co., Midland, Tex., acquired later in 1997 by Pioneer Natural Gas Inc., Dallas, agreed with Triton Energy to explore adjacent Blocks A-4-91 and A-1-93 in the South Peten basin west of Rubelsanto oil field.
The Piedras Blancas-1 well near the Mexican border was to evaluate a new play concept in Guatemala.
Bassano Guatemala Ltd. (Pacalta) held two concessions in the Peten basin, an extension of the Campeche basin of southern Mexico. Pacalta planned to re-enter and recomplete the single well bore on each concession and later drill four wells to fulfill work programs.
