Panama Announces Oil Tender

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

Monday, January 17, 2011

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.

"During an interview in Telemetro morning news, Urriola stressed that "we as a country will be the administrators, we will have royalties, we will have a percentage of production for our national consumption and, of course, companies will have to pay taxes," Prensa.com reported.

More on this topic

Hydrocarbon Extraction Law Moves Forward

August 2013

Bill 618 establishes a system of royalties and taxes on companies engaged in oil exploration and extraction in Panama.

The project, which amends Act 8 of 1987, has been approved on its first reading by the Commerce Commission of the Legislative Assembly of Panama.

The rule "includes a legal and tax regime applicable to the exploration and production of hydrocarbons, making changes to the description of permits and contracts for exploration and exploitation, as well as adjustments to the percentage received by the state", reported Panamaamerica.com.pa.

Panama Reveals Oil Data

October 2012

The Energy Department has released to interested companies databases with information on technical studies.

An article in Laestrella.com.pa reports that "So far, companies in the U.S., Colombia, Brazil, Mexico and Europe have expressed interest in participating in the surveys, according to the National Energy Secretariat."

15 Companies After Guatemalan Oil Fields

December 2010

Executives from 15 international companies participated in the briefing of new bidding areas.

Tradex, Perenco, Tenseco Energy Corporation y Odebrecht are among the companies showing interest.

In case of Perenco, his vice president, Larry Bottomley, stressed the importance of expanding its operations in Guatemala, "so we are open to participate in the bidding," reported Prensalibre.com.

Panama to Cancel Oil Concession

April 2010

The government canceled an oil exploration and exploitation concession granted in 2007 to Harken de Panama Ltd.

Harken is a subsidiary of Global Energy Development PLC, and had a concession to explore and exploit oil in the gulf of San Miguel, province of Darien.

Juan Manuel Urriola, Energy Secretary, told newspaper La Prensa that "the Government met with Harken executives to cancel the contract and start a new process including other companies".

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