Panama Contracts Oil Exploration

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

Friday, September 3, 2010

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.

"Berta Burgos, head of Public Relations of the State Energy Secretariat, confirmed that a database is being put together containing the location of the country's hydrocarbons in order to later explore and exploit those sites," reports Prensa.com.

The $476,765 contract is financed by funds from the Inter-American Development Bank (IDB) as well as the Energy Secretariat.

More on this topic

Guatemala Steps up Interest in Oil Exploration

April 2011

Forty-five companies have shown interest in bidding for exploration of 4 oil areas in Petén.

In times of record oil price rises, there is mounting interest from different companies specializing in oil exploration in Guatemala.

An article in Siglo XXI declares: The two biggest areas to explore are PTN-1-2008 with an estimated reserve of 257 million barrels of oil, and PTN-6-2008 with 146.45 million."These projects are supported by the Guatemalan Chamber of Commerce (AmCham) because they promote the development of the country, " said Executive Director, Carolina Castellanos. "

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.

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.

Alvaro Colom approaches American transnational companies

August 2008

The President invited Exxon Mobil Corporation to participate in oil exploration in Guatemala.

While attending the II Competitiveness Summit of the Americas, in Atlanta, Georgia, USA, President Colom met with representatives of the transnational companies in that country.
Even though there were not any final agreements resulting from the talks, the President presented a series of invitations to the companies.

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