Petroleum in Panama?

©image: mrpbps

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

These potential fields would be connected to petroleum areas recently discovered by Colombia, near the Panamanian border.

The existence of petroleum in Panama has been discussed for several decades, and 36 perforations have been conducted, with 18 showing ‘traces of hydrocarbons”.

Martesfinanciero.com reports that Juan Urriola, from the National Energy Secretary “has hired consultancy company OTS for $400,000. 80% of the money will be provided by the Andean Development Corporation (CAF) while Panama will contribute the rest. Urriola remarked that this company is an expert in gathering petroleum data, and is composed of former Pedevesa workers”.

Source: martesfinanciero.com

More on this topic

Panama Begins Oil Exploration

April 2010

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

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”.

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.

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.

Panama Announces Oil Tender

January 2011

The Energy Department expects in March to tender the first concessions for oil exploration.

Panama's energy secretary, Juan Manuel Urriola, added that studies on the existence of oil, which are 60% completed, have revealed favorable results. Mainly, in the area of Azuero, Bocas del Toro and Darien.