Louisiana Light • 2 days | 71.80 | -1.73 | -2.35% | |||
Bonny Light • 1 day | 72.36 | -1.43 | -1.94% | |||
Opec Basket • 2 days | 75.19 | -1.69 | -2.20% | |||
Mars US • 9 hours | 67.49 | -1.72 | -2.49% | |||
Gasoline • 10 mins | 2.445 | +0.001 | +0.04% |
Bonny Light • 1 day | 72.36 | -1.43 | -1.94% | |||
Girassol • 1 day | 74.10 | -1.27 | -1.69% | |||
Opec Basket • 2 days | 75.19 | -1.69 | -2.20% |
Peace Sour • 45 mins | 62.34 | -1.37 | -2.15% | |||
Light Sour Blend • 45 mins | 63.64 | -1.37 | -2.11% | |||
Syncrude Sweet Premium • 45 mins | 72.59 | -1.37 | -1.85% | |||
Central Alberta • 45 mins | 61.94 | -1.37 | -2.16% |
Eagle Ford • 2 days | 65.94 | -3.21 | -4.64% | |||
Oklahoma Sweet • 2 days | 66.00 | -3.25 | -4.69% | |||
Kansas Common • 2 days | 59.75 | -3.25 | -5.16% | |||
Buena Vista • 9 days | 76.15 | -1.09 | -1.41% |
Norilsk Nickel, one of Russia's…
The race for generating solar…
Panamaâs National Energy Secretariat has announced that 900 million barrels of oil have been detected at two basins in eastern Panama, representing a potential contribution to the Panamanian Treasury of $15 billion dollars over the next two decades at current oil prices.
Panamanian Energy Secretary Juan Manuel Urriola said that the Venezuelan firm OTS conducted the geological survey and detected the oil reserves in Panamaâs Garachine-Sambu and Bayano-Chucunaque-Atrato basins in Darien province, which borders Colombia.
While the quality of the depositsâ oil has yet to be determined Urriola estimated their âcommercial potentialâ at roughly $15 billion in taxes and royalties, based on OTS projected estimate of a per-barrel price of 100 dollars over the next 20 years, MercoPress news agency reported.
OTS recommended that in the bidding process the exploratory areas in the Garachine-Sambu and Bayano-Chucunaque-Atrato basins be divided into four geographical blocks per basin.
Urriola added that a bidding process for exploration rights and for determining the depositsâ quality and volume would begin before the end of the year.
Panamanian President Ricardo Martinelli is promoting oil exploration because of Panamaâs need to have its own indigenous energy resources in order to reduce the countryâs dependence on oil imports, where recent high costs have caused local fuel prices to soar.
By. Joao Peixe, Deputy Editor OilPrice.com
U.S. Gasoline Prices Are Set For A Significant Decline
Iran Seizes Third Oil Tanker As U.S. Boosts Military Presence
Turkey Makes Huge 1-Billion-Barrel Oil Discovery
14,000 Inactive Oil & Gas Wells In U.S. Unplugged
Oil Prices Continue To Slip Even As Crude Oil Inventories Decline
ADVERTISEMENT
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com
I've always suspected it was due to the fact that he knew there was oil in Panama