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Panama is volcanic in nature and lacks sedimentary basins.
Globalshift regards the country as having no oil and gas potential onshore and probably none offshore although potential sedimentary basins exist in the deep waters of the northeast, adjacent to Colombia.
Apart from a few onshore exploration wells, drilled since the 1940s, Panama has no history of drilling and no production.
A multi-client seismic survey was conducted in 2017 to assess the potential of offshore basins near Colombia’s marine border but no oil or gas production is forecast in the country by Globalshift in the short or medium term.
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