Panama oil reserves upgraded in reports

[naaman fletcher]

Expert surveys in Panama have established the Central American nation is sitting on an oil bonanza worth at least $15 billion.

Panama is dependent on imported oil and rising demand puts added pressure on the country's cash resources. But the latest results of scientific surveys promise a timely relief at least for the next two decades.

The surveys confirmed oil deposits in two basins that have geological seams linking them to reserves in Colombia in the southeast. Based on the findings, the surveys indicated the eastern Panama region may be holding at least 900 million barrels of oil.

Panama's National Energy Secretariat cited the estimates of oil deposits and income projects in a report on the results of the scientific surveys.

http://www.energy-daily.com/reports/Panama_oil_reserves_upgraded_in_reports_999.html

Uh oh.