Public Bid in March 2011 For Petroleum Exploration in Panama

alt(Panama-Guide) - La Prensa -  By March of this year Panamanian government officials expect to have a bidding (tender) process ready for the private sector to bid on the first blocks of concessions for the exploration and development of the petroleum industry in the country. This was announced by the Secretary of Energy of Panama, Juan Manuel Urriola, who emphasized there are good prospects in this market for the country. When speaking to channel 13 Telemetro Report , the official said the investigations to determine if there is oil in Panama or not have advanced by some 60%. These studies have concluded "there are strong evidence" of the existence of oil, specifically in the areas of the Azuero, Bocas del Toro, and the Darien, he said. "This contract will give a line to the future of the development of the oil and petroleum industry in Panama," he added.

When speaking on the morning news broadcast, Urriola emphasized that "we as a country will be the administrators, we will receive the royalties, we will receive a percentage of the production for our domestic consumption and, of course, companies will have to pay taxes." Moreover, Urriola called on environmentalists to "not be too hasty." And, according to the official, some environmentalists have said "the Government is irresponsible" to work in this area. However, Urriola said the government is not irresponsible "if we try to use the natural resources of the country in the best manner."
 
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Original Source: Panama-Guide
Date Retrieved: January 17, 2011.