The contracts cover blocks A1, A4 and A9, said Silva, adding the bidding process would take 3-4 months to complete.
A1 takes up 102,000 hectares with reserves estimated at 374-765 million barrels and A9 covers 107,000 hectares with reserves estimated at 460 million-1.07 billion barrels. Information regarding A4 was not immediately available.
The E&P contracts would run 25 years.
Company US Oil Guatemala and UK oil firm Taghmen Energy's local subsidiary PetroLatina already hold E&P contracts in the country.
Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Most Popular Articles
From the Career Center
Jobs that may interest you