Concessions for Oil and Gas Explorations in Panama

President Ricardo Martinelli has announced that concessions for prospecting and exploring oil and natural gas will be awarded before the end of year.

Friday, August 9, 2013 reports that "The President addressed the issue when speaking about the interest that his administration has in getting more companies interested in investing in the production of sugar and ethanol in Panama."

"... The Panamanian president expressed interest in other businesses investing in this field in the near future, so as to make it possible to lower the cost of ethanol. "

Referring to prospecting and exploration of oil and natural gas, the president said: "I hope there are interested companies, who will pay the state, and that there is lots of creativity in order to avoid these types of problems."

More on this topic

Confirming Natural Gas in Guatemala Requires Another Well

February 2014

With an investment of $15 million in a second well, the reservoir volume and economic viability of its operation can be confirmed.

The company City Petén has invested $15 million in order to begin drilling a second well in the field at Ocultún in Petén. The Panamanian company plans to confirm the finding of a large reservoir of natural top quality gas and its production potential.

Natural Gas Field in Guatemala

September 2013

The company City Petén has discovered a reservoir of high quality condensate, rich in butane and propane, in an oil well in Ocultún, Petén.

"Everything indicated that Guatemala only had heavy oil with high sulfur content. However, this discovery of natural gas is changing the energy mix in the medium term, " said Luis Ayala, director of Hydrocarbons of the Ministry of Energy and Mines.

Panama Signs Energy agreement with Trinidad and Tobago

March 2012

The energy agreement will allow Panama to buy natural gas from the Caribbean nation.

From the press release by the Panamanian National Secretariat of Energy:

On March 12th, Panama and Trinidad and Tobago signed an energy agreement that allows natural gas to be bought from the Caribbean nation, reported officials from the two countries.

Lack of Definition Stalls Hydrocarbon Exploration in Guatemala

June 2010

The government has not yet decided if it extends the exploitation contract for the country’s largest oil field; this prevents granting additional exploration concessions.

The Mining Ministry, headed by Carlos Meany, has defined 12 areas suitable for exploration. Two of these presumably contain natural gas fields. To proceed, the Ministry is waiting for the approval of Alvaro Colom, president of Guatemala.

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