The contract was celebrated between the Guatemalan Ministry of Energy and Mines and "Empresa Petrolera del Istmo S.A. (EPI)", a subsidiary of US-based MQuest International Inc. The concession can be extended after the initial 25 years.
Nine companies have submitted 15 bids to the Ministry of Energy and Mines, in the tender for exploration and exploitation of seven oil fields.
Prensalibre.com reports that "The Cotzal area (Petén) received five applications; Laguna Blanca (Petén) and El Cedro (Alta Verapaz), three; San Francisco, two, and Cancuén (Petén) and Xalbal (Quiché) one, respectively. The area of La Libertad (Petén) did not receive any bids".
No date has been set for the submission of bids in the tender for the award of a concession for exploration and exploitation of hydrocarbons in the seven areas identified by the Ministry of Energy and Mines (MEM), and the publication of a Government Agreement about the tender is still pending, believed to be happening at the end of November.