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Panama Begins Oil Exploration

It will begin in the province of Darién, close to the border with Colombia, where there is surface oil.

Wednesday, April 21, 2010

©image: Siow Jian Ming

President Ricardo Martinelli spoke at CADE (Annual Conference of Business Executives) and said: “There is oil in Panama; we have confirmed that the Colombian veins continue in Panama”.

From Laprensagrafica.com: “In 1970, oil corporations surveyed and found crude in the Panamanian Pacific Ocean. In the past years, 36 perforations were conducted in those areas under study. ‘Black gold’ was found in Cañazas, Panama and Garachiné, in Darién”.

Source: laprensagrafica.com

Key entities

Ricardo Martinelli

Countries

Panama Colombia

Insight

oil oil exploration Oil exploitation Energy

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.

OTS Latin America Searches Oil and Gas in Panama

January 2011

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

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.

Panama Contracts Oil Exploration

September 2010

The State Energy Secretariat has signed a deal with the company OTS to search for the existence of petroleum in the country.

OTS, formed by employees and ex employees from Venezuelan company Petróleos de Venezuela S.A., will collect information on deposits in Tonosí, Darién and Bocas del Toro.

Oil exploration on Nicaraguan Caribbean coast

December 2008

The government will sign two concession contracts with Infinity Energy for oil and natural gas exploration and exploitation.

According to the article from "Proceso Digital," the Nicaraguan vice-minister of Energy and Mining, Lorena Lanzas, pointed out that "the granting of these concessions have already been approved by the Regional Governments of the Southern and Northern Caribbean coast of Nicaragua, in accordance with the law."

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