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News // Companies

US, Netherlands Eye Crude Production In Panama

12 October 2005 , 10:05487
Oil firms of the United States and the Netherlands would jointly search for crude deposits in Panama, said Panamanian Trade Minister Alejandro Ferrer on Tuesday.

The interest of the US company Harken Energy and the Dutch company Circle in locating crude oil in the Caribbean and the Pacific waters of Panama shows the petroleum potential of the country.

Panama is a net importer of fuel and spends millions of dollars in acquiring petroleum and gas.

Panamanian authorities said the possible finding of oil deposits would save the country millions of dollars in foreign currency at times when gas and oil reach the highest prices in a decade.

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