US oil company City Petén plans to invest $30 million a year over three years for concession in Guatemala
US-owned oil company City Petén, which won a 25-year concession in Guatemala, plans to invest $30 million a year in the first three years.
Horacio Yépez, the general manager, said that risk capital for the exploratory wells could rise to $12 million each.
Because Guatemala has very little oil infrastructure, services and equipment are very hard to find, he added.
Original source (in Spanish): Prensa Libre