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US oil company City Petén plans to invest $30 million a year over three years for concession in Guatemala

Thursday, October 27, 2011

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