• 3 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 7 minutes Big Oil Costs Can't Go Much Lower
  • 12 minutes China’s Oil Futures Contract Is Beginning to Show Its Teeth
  • 5 hours China Tariff Threatens U.S. LNG Boom
  • 27 mins Blackouts in Australia
  • 7 mins So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 5 hours Regime For Regime: China Says Willing To Provide Venezuela With What Help It Can
  • 11 hours Famous Musk's Tweet Puts Tesla Under Criminal Investigation
  • 10 mins Global Hunger Continues to Grow Driven By Climate Change
  • 19 hours Is your name Philip? No? Too bad!
  • 1 day The moves toward 'zero-manning' in oil & gas
  • 1 day Jan's Electric bike replaces electric cars
  • 1 day Funding Secured: Saudi Wealth Fund to Invest $1 Billion in Tesla's RIval Lucid to build its EV factory
  • 1 day Making Safe Nuclear Power from Thorium
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 15 hours WTI now at $70+ headed for $50s
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Panama Vies To Become Oil Producing Country

oil barrels

Panama is carrying out studies for potential oil exploration, hoping that recently discovered oil fields in neighboring Colombia close to Panama’s border could extend into Panama.

Panama is 100-percent dependent on crude oil and refined oil products imports, although it is home to one of the most crucial shipping lanes in the world, the Panama Canal.

Now energy officials in Panama hope that the oil fields found in Colombia may extend as far as Panama. In addition, a geological survey, the first in 30 years, found signs that there could be oil and gas in Panama’s section of the Caribbean Sea in an area connected with three natural gas wells in Colombia, energy officials said early this year.

ION Geophysical Corporation, for example, has been expanding its data library on Panama, saying last year that recent exploration success offshore Colombia immediately next to Panama’s Caribbean coast spiked the interest of companies in understanding Panama’s geology and potential for oil and gas resources.

Last year in August, the National Energy Secretary of Panama, Víctor Urrutia, said in ION Geophysical Corporation’s press release:

“Hydrocarbon exploration in Panama has identified various sedimentary basins, proving the existence of geological structures that may contain oil and gas, although there hasn’t been a commercially exploitable discovery. Today, through the use of new and more sophisticated techniques, it is possible to identify prospective areas that previously were not considered economically viable, such as deep water deposits and/or those that are geologically more difficult to locate.”

“The initiation of this seismic survey will provide high-value information to help assess Panama's oil and natural gas prospectivity,” Urrutia said.

Until Panama assesses its oil and gas resources and the potential for their recovery, it will continue to rely on imports.

Last week, the United States and Panama signed a cooperation agreement on energy and infrastructure investment, aiming to further diversify Panama’s sources of energy, broaden Panama’s role as a liquefied natural gas (LNG) hub for Central America and the Caribbean, and integrate natural gas as a source of downstream energy.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Juan Slayton on August 24 2018 said:
    Maybe we will finally get a highway through the Darien....?
  • engems ceo on August 24 2018 said:
    DREAM ON!!

Leave a comment

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