Circle Oil Awarded Block A Offshore Panama

Circle Oil has been awarded a prospecting license for Block A, Panama making it one of the largest offshore acreage holders in the region.

The license block, situated in the southwestern Caribbean, off the northern coast of Panama, covers a total of 30,000sq. km in the Panamanian waters of the Colombia Basin which is one of the major basins in the Caribbean Plate.

The basin margins in the block are known to contain a thick, deep sedimentary section which presents a good source rock and favorable geological structures for the accumulation of commercial quantities of hydrocarbons. Furthermore, the results of various regional seismic studies indicate that thick sections of shallow water origin have been preserved in the area and there is also seismic evidence of gas hydrates which, with other geochemical techniques already carried out, increase the evidence of a widespread hydrocarbon source in the southern part of the Colombia Basin.

Circle will immediately carry out data interpretation work and, in 2006, intends to commence a full seismic program in order to fully evaluate the potential of this prospective area.

Commenting on the license acquisition Circle's Chief Executive David Hough said:

'The Caribbean is attracting increasing industry attention and several of the major oil producers have already acquired substantial holdings in the area. Circle now boasts a global portfolio of major assets in Africa, the Middle East and now the Caribbean thereby underpinning the Company's strategy to explore in areas that have geological conditions with the potential for large discoveries.'

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours