$88 Million for Panama Oil-Gas Study

[Moderator_02]

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$88 million for Panama oil-gas study

Posted on November 29, 2017 in Panama

 

Oil exploration ahead?

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OVER $88 MILLION has been allocated by three companies to carry out geophysical studies to determine the possible existence of oil and natural gas in Panamanian soil, and the first in the field has completed its data collection process.

The company GX Technology has completed data collection on the content of the coast and sea of the Panamanian Caribbean and from now on, the National Energy Secretariat can now start to put out to tender the blocks for exploration of gas or oil fields.

Prensa.com reports that “…The company, based in Houston, Texas, collected images of the marine subsoil using acoustic waves to characterize the geometry of the rock layers and map the geological structure of the marine subsoil in the Panamanian Caribbean Sea.”

 

http://www.newsroompanama.com/business/panama-4/88-million-panama-oil-gas-study

[Moderator_02]

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Oil Exploration in Panama

One of the three companies that carried out geophysical studies to determine the possible existence of oil and natural gas in Panamanian soil, has announced that it has completed its data collection process.

Monday, November 27, 2017

The company GX Technology has completed data collection on the content of the coast and sea of the Panamanian Caribbean. From now on, the National Energy Secretariat can start to put out to tender the blocks for exploration of gas or oil fields.

Prensa.com reports that "...The company, based in Houston, USA, collected images of the marine subsoil using acoustic waves to characterize the geometry of the rock layers and map the geological structure of the marine subsoil in the Panamanian Caribbean Sea."

"... In addition to this company, two other companies, Spectrum Geo Inc, of Norway, and Geoex Panama, of England and the United States, are developing similar studies to collect geophysical information from the Panamanian subsoil, both on the Atlantic and Pacific side, where they can carry out oil or natural gas exploration."

The three companies reported that they allocated almost $88 million towards carrying out the studies. "... Geoex Panama S.A., $28 million, Spectrum Geo, $44.2 million, and GX Technology Co., $15.6 million. "

 

https://www.centralamericadata.com/en/article/home/Panama_and_Oil_Exploration

[Uncle Doug]

We shouldn't get too excited about this yet.  The smallest of the three "seismic shoots" has been completed, meaning the other two much larger ones are not yet complete.

GX Technology Co will now start to process the raw data it collected from the ships conducting the survey.  That is not a simple task and it often can take several months to analyze and convert the raw geophone data into a 3D picture of rock formations below the seabed. After that, they will try to sell licenses to the data to companies capable of drilling offshore.

There is certainly a possibility that the data will show nothing at all worth risking the tens of millions of dollars required to drill a single exploratory well. But it's definitely a story to follow in the upcoming months.

[Keith Woolford]

Good info, Doug. Only recently I found out how interesting the data collection for the mapping process is. I met a fellow here who goes up to the Barents Sea to service the precision ‘guns’ which are fired to the sea floor from a towed barge.

Edited December 10, 2017 by Keith Woolford