A geological study indicates the presence of oil in four of Panama's regions and the process for taking bids for exploration will start before the end of this year to determine the petroleum's quantity and quality, Energy Secretary Juan Urriola said. The seven-month geological survey by Venezuela's OTS Internacional "indicated the presence of crude" in the western province of Bocas del Toro, the eastern province of Darien, the central province of Azuero and the Caribbean coast, the energy secretary said.
"Now, we have to put these areas out for bidding so detailed exploration can take place to determine the quality and volume" of the crude, Urriola said. The geological study, which cost nearly US$500,000, was conducted by specialists from Venezuelan state-owned oil giant PDVSA who now work for OTS Internacional, the energy secretary said. Venezuela, the world's fifth-largest oil exporter, has preliminary petroleum reserves of at least 316 billion barrels, ranking it No 1 globally, the Venezuelan Energy Ministry says. A study confirmed that Panama's Darien jungle region has oil from "the same seams as Colombia," a country that has extensive oil reserves, President Ricardo Martinelli said in April 2010.
(Latin American Herald Tribune)
