Panama moving forward on offshore oil investigation

(PanamaNewsRoom)  Panama will be ready in March to seek tenders for offshore oil exploration and development. Secretary of Energy Juan Manuel Urriola, said on Telemetro Report on Monday, January 17, that investigations into the presence of oil have advanced by 60 percent.

The studies have concluded that "there is strong evidence" of the existence of oil, specifically in the area of Azuero, Bocas del Toro and Darien.

Urriola said that "we as a country will be the administrators, get royalties, and will have a percentage of production for our own consumption and, of course, companies will have to pay taxes."

He called on environmentalists, already girding up to fight the government about changes in the law covering mining to "not be too hasty." He said that some environmentalists have claimed that "the Government is irresponsible" to work in this area.

But, he countered, the government is not irresponsible "if it tries to use its natural resources in the best way"

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Original Source: Panama News Room

Date Retrieved: January 18, 2011.