News Americas, PANAMA CITY, Panama, Fri. Aug. 26, 2011: Panama could see some $15 billion pour into its coffers over 20 years amidst news that some 900 million barrels of crude oil have been detected at two basins in eastern Panama.
The National Energy Secretariat said this week that a geological study conducted by Venezuelan firm OTS detected the deposits in the Garachine-Sambu and Bayano-Chucunaque-Atrato basins of Darien province, which borders Colombia.
Energy Secretary Juan Manuel Urriola said the oil deposits estimated “commercial potential” is $15 billion in taxes and royalties based on the consultant’s estimate of a per-barrel price of $100 over 20 years.
Urriola announced on July 5th the discovery of the oil deposits, saying that before the end of 2011 a bid process for exploration rights and for determining the deposits’ quality and volume would be launched.
Oil exploration in Panama dates back to the beginning of last century when geological surface surveys were begun in Bocas del Toro and Darien provinces, the Energy Secretariat says.
