Colombia, a proven hydrocarbon system with an established oil and gas industry:
• Oil and gas fields have been discovered in seven sedimentary basins and in the Eastern Cordillera and there is estimated to be 1800 mmboe undiscovered reserves remaining (CIA World Fact Book 2004). Production in Colombia has been declining in recent years and the government is keen to attract foreign investment to boost this production.
• In the Middle Magdalena Valley Basin there are numerous good quality sandstone reservoirs and a 'world class' source rock. Deeper fractured carbonate reservoirs are under-explored.
• Safety in the country has improved significantly over the past years especially in the Middle Magdalena Valley where PetroLatina has its operations.
Guatemala, a relatively under-explored region, with a high level of prospectivity:
• Close proximity to Mexico and its highly productive fields
• The oil and gas fields along the southern margin of the south Peten Basin including Rubelsanto and the area covered by the license lie in a similar geological setting to the oil and gas fields in southern Mexico.
• The reservoirs under these fields are of the same age and the two areas have undergone a similar geological history. Many comparisons can therefore be made between the two areas as seismic and sub-service data suggest that the Chiapas southwestern geological trend extends into the Southern Peten (Chapayal) basin.
• The economy of Guatemala is growing and there is a strong demand and need for oil and gas energy. The recently elected Government is keen to promote inward investment in general and specifically from small entrepreneurial companies, such as PetroLatina. |
