I am not sure that we really need this 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.

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. “