(PanamaDigest
) There might be oil in Panama, and the Department of Energy will be accepting the first bids for exploration permits and exploitation concessions in March.
Secretary of Energy Juan Manuel Urriola says that there is classified information indicating that these resources can be found in the provinces of Azuero, Bocas del Toro and Darien. He added that his department expects to find oil in 50% of 36 well, or in 18 wells.
If oil and gas are found, the industry would be farmed out to the private sector. The Panamanian government would regulate, administrate and collect royalties.
In July of last year, the Panamanian government contracted a $476,000 oil and gas exploration study through an unnamed Miami-based company, or about $24,000 less than the amount recently allocated to sponsor a race car on the European circuits.