Guatemala oil Reserves
According to Oil and Gas Journal (OGJ), Guatemala contains an estimated 526 million barrels of proven oil reserves. Most of the countrys oil production occurs in its northern jungles, adjacent to the border with Mexico. UK-based Perenco accounts for the vast majority of oil production in the country. Due to a lack of domestic refining capacity, though, almost all production is exported to the United States, and the country must import petroleum products.In March 2005, Guatemala opened its first oil licensing round since 1997. The country offered two blocks with known proven reserves, A6 and A7, and two additional, unexplored blocks, Cotcal and Piedras Blancas.
Nicaragua
There has been some interest in oil exploration in Nicaragua. The country has awarded exploration licenses for five blocks in its offshore Pacific and Atlantic basins, though none of these licenses has led to actual exploration activities. Nicaragua has had a long-running territorial dispute with Colombia over areas of the Caribbean Sea surrounding the San Andreas and Providencia islands, areas thought to contain commercial quantities of oil reserves. In June 2005, Nicaragua lodged a format protest with Colombia over the granting of exploration concessions in the area by the Colombian government.
Costa Rica
In November 1999, U.S.-based Harken Energy began a seismic exploration program in Costa Rica in the Caribbean Sea. Despite promising results, the company has been unable to aquire the approval of the Costa Rican government to commence drilling operations due to opposition from environmental and indigenous activists. The current Pacheco administration has expressed its opposition to any oil activities in the country.
Belize
In August 2005, domestic oil company Belize Natural Energy reported that it had discovered a “modest” amount of oil reserves near the border with Guatemala. The company estimated that, at full production, the field could supply 50,000 bbl/d of light, sweet crude oil. This volume could easily meet the countrys domestic needs and provide a sizable flow of export earnings.