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Friday, March 22 2019 @ 08:59 PM UTC

Texas-based Harken to explore for oil off Panama's Pacific coast

Foreign Direct InvestmentInternational Herald Tribune - PANAMA CITY, Panama: Texas-based Harken Energy Corp. has signed a contract with Panama to explore for oil and gas off the country's Pacific coast. The concession allows Harken to explore an area of 690,000 acres (280,000 hectares) in the Gulf of San Miguel, Commerce and Industry Minister Alejandro Ferrer said Tuesday. Harken will invest US$10 million (€7.4 million) in the exploration phase, which could last up to four years, said Stephen Voss, director of Harken de Panama Ltd. "There is considerable evidence that there is as much oil as gas in Panama, and what we'll try to determine is if it is of commercial value," Voss said. Ferrer said the five-year concession could be extended as long as 20 years and requires Harken to assess potential environmental impact.

Editor's Comment: This article was published on 26 June 2007 so this Harken contract is "old news." What is new is that the details of the contract were published in Panama's Official Gazette recently. See this article from May of 2007.

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