• 4 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 7 minutes Beijing Must Face Reality That Taiwan is Independent
  • 11 minutes Phase One trade deal, for China it is all about technology war
  • 14 minutes Shale Oil Fiasco
  • 30 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 2 hours Which emissions are worse?: Cows vs. Keystone Pipeline
  • 10 hours Trump capitulated
  • 17 hours Thanks to Trump, the Iranian Mullahs Are Going Bankrupt
  • 1 hour Indonesia Stands Up to China. Will Japan Help?
  • 3 hours What's the Endgame Here?
  • 45 mins Trump has changed into a World Leader
  • 3 hours Turkey Muscles-In on Israel-Greece-Cyprus EastMed Gas Pipeline Deal. Erdogan Still Dreaming of Ottoman Empire II.
  • 10 hours US Shale: Technology
  • 11 hours Gravity is a scam!
  • 1 day Yet another Petroteq debt for equity deal
  • 1 day Three oil pipeline projects inch toward goal-line for Canada
  • 1 day The Libyan Oil in a Sea of Chaos, War and Disruptions
This Shale Giant Is Ready For A Rebound

This Shale Giant Is Ready For A Rebound

Occidental Petroleum has come under…

U.S. Gas Giant Downgraded To Junk Status

U.S. Gas Giant Downgraded To Junk Status

America’s largest natural gas driller…

Panama Has an Estimated 900 Million Barrels of Oil in Two Basins

Panama’s 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 Panama’s Garachine-Sambu and Bayano-Chucunaque-Atrato basins in Darien province, which borders Colombia.

While the quality of the deposits’ oil has yet to be determined Urriola estimated their “commercial potential” 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 deposits’ quality and volume would begin before the end of the year.

Panamanian President Ricardo Martinelli is promoting oil exploration because of Panama’s need to have its own indigenous energy resources in order to reduce the country’s dependence on oil imports, where recent high costs have caused local fuel prices to soar.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage


Leave a comment
  • Feonia on November 05 2015 said:
    Hi john Wayne had a lot of interests in Panama and even bought an island
    I've always suspected it was due to the fact that he knew there was oil in Panama

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News