The representative of the Exxo Petrol Limited corporation, José Hernández, assured that there are strong indicators that Panama has enough oil that it is feasible to begin exploitation.
However, he also made it clear that in order for any investment to be put, there’s a need a strong legal framework.
"The companies that are going to carry out the explorations must be sure that if they find oil, they will be authorized to exploit the deposits. Nobody is going to poor millions of dollars, if the concession will be given to another company," stresses Hernández.
The possibility of finding hydrocarbons in Panama is quite high. 10 months ago, in the sector knows as Kronos, in the Caribbean part of Colombia, the largest gas field in the history of Colombia was found.
This deposit is right on the border with Panama, which is why many experts estimate that it should touch Panamanian territory.
The Energy Secretariat is aware that there is still a lot of interest in finding oil in Panama. The entity explained that three companies completed the seismic studies in a space of 9,000 kilometers of the national territory, while two others are in the process of initiating the exploration.
In this stage, the State does not pay a penny to these companies because the deal is basically that they can do the study and then they can sell that data to whomever they want.
They accepted that the current legislation on oil exploration and exploitation in the country is quite vague, but they estimate that when the tender for exploration is called, after the seismic studies are completed, a more defined regulation should be in place. and complete on this topic.
