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Probing for Oil and Gas in Panama

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$87 million probe for Panama oil, gas

Campesino photographed six years ago at oil pond in Darien

CONTRACTS with companies  from three countries  who will  spend $87 million to carry out seismic studies to test for gas or oil deposits off the coasts  of Panama, have been approved by the Cabinet Council.

The Secretariat of National Energy spent a year negotiating terms with interested companies and the contracts were awarded to Gx Techology Corporation (United States), Spectrum Geo, Inc. (Norway) and Geoex (England and U.S.).


“Conducting seismic surveys does not force the country in the future to explore and exploit reserves of oil and natural gas that might be found.

“This is a first step that only provides more information to the country. Although Panama has no proven reserves of hydrocarbons, in recent years there have been incipient advances in the study  of the subsoil and the maritime platform, so it can be affirmed that the possibilities for the presence of commercially exploitable accumulations are increasing, ” said, National Energy Secretary Victor Urrutia.

“Important findings in deep waters of the Colombian Caribbean, specifically in the border  area with Panama, confirm the oil potential. A country must have knowledge, in order to evaluate the benefits and risks of future exploration, “Urrutia added.

The companies will carry out geophysical studies 15 kilometers from the Panama  coast

Before being able to carry out explorations using ships, the companies must conduct environmental impact studies category II.

Spokesmen for the authority said that the three companies committed to invest $87 million in the studies

The State will not make any payment for the exploration.

The contracts do not allow exclusivity in any of the areas and have a duration of five years.

“The information generated will be the property of the Panamanian State ” says a document outlining the contracts.



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Panama Resumes Oil Exploration

The companies GX Technology Corporation, Spectrum Geo Inc. and Geoex will be carrying out geophysical studies to determine the existence of possible oil and natural gas reserves.

Wednesday, April 5, 2017

Anpanama.com reported that the Cabinet approved the contracts authorizing the three aforementioned companies only to conduct research offshore, 15 kilometers from the coast and not on land.

"... The companies will operate under a multi-client modality allowing for information to be obtained without the State incurring any costs. With this, companies assume the risk of trying to recoup their investment through the sale of the information gathered, for a defined time period, explained the entity."

Energy Secretary Víctor Urrutia explained that "...'for the country, it is important to know what resources we have, even if it does not involve the exploitation of them'."

"... The study area comprises 40 thousand kilometers of 2D seismic study, on the Pacific Coast and in the Panamanian Caribbean. The companies will be making an investment of $87 million in order to obtain the information. It was clarified that companies must comply with the environmental impact study."


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