OTS Latin America Searches Oil and Gas in Panama

The company was contracted by the Government in order to identify potential areas for exploitation.

Friday, January 7, 2011

The study to be conducted throughout the country will be funded by the Corporación Andina de Fomento (CAF) and the State.

Referring to the areas studied, the Minister of Economy and Finance mentioned Bocas del Toro, in the border with Costa Rica, south of Chiriqui, the Gulf of Panama and the Gulf of Uraba.

"The study will shed some light on which areas would have greater chances of success during exploration," added the minister to Prensa.com.

More on this topic

Panama to Explore for Oil and Gas

July 2010

With the help of funding from the CAF, the country will contract an exploratory study to test for the existence of oil and gas deposits.

Frank De Lima, Panama’s Vice-Minister of the Economy, commented that the aim of the study is to establish areas with potential deposits of oil and gas.

Russia Will Explore Oil in Nicaragua

July 2009

Russia and Nicaragua formalized an energy cooperation agreement, to explore oil in the country.

Igor Sechin, Russia's Deputy Prime Minister, informed that exploration, both in land and Nicaraguan waters, will be carried out by the National Petroleum Consortium of Russia, comprised by the largest Russian oil companies.

Existence of Oil Announced in Panama

July 2011

The energy minister said that analysis of the information shows hydrocarbon fields in Bocas del Toro, Azuero, in the Gulf of Darien, and the Caribbean Coast.

The National Secretariat of Energy had hired the company to OTS, with funding from the Corporation Andina de Fomento (CAF), to rearrange, classify and analyze the existing information on oil exploration.

Petroleum in Panama?

May 2010

President Martinelli: “In Panama there is petroleum in Darién, we are conducting studies and have confirmed that the Colombian oil veins run into Panama”.

Based on information from an unidentified official from the Colombian Mining Ministry, Martinelli expressed his optimism on the presence of petroleum in Panama.

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