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BREAKING NEWS
Cristian Espinosa was appointed Ambassador of Ecuador to the United States
Daniel Noboa receives the credentials of the new United States ambassador
40,000 women will receive scholarships in higher education
Julian Assange released from prison, after agreement with the United States
Armed Forces: Criminal gangs have lost USD 1.2 billion due to military operations in Ecuador
Minister of Defense: “It is not fair that some risk their lives, while others play with justice”
How can green banana flour enhance baked goods?
“I’m crazy for wanting to serve my country,” says Daniel Noboa at the presentation of “La Cárcel del Encuentro” in Santa Elena
Construction of the Encuentro maximum-security prison in Santa Elena begins
National blackout in Ecuador due to transmission line failure, confirms the Government

Correa: “the country would collapse without new oil reserves”

Posted On 08 Apr 2013

“The energy matrix is not sustainable unless we find more oil. By the year 2020, the country will collapse if we do not improve reserves and oil exploitation,” said President Rafael Correa, who defended an open bid to explore oil in the Amazon.

The president recalled that 90% of energy used in Ecuador comes from oil and its derivatives, while 4% comes from natural gas and 3% from water-type sources.

“We still have a highly polluting energy matrix with fiscal costs, because oil and derivatives are being subsidized, which also impacts the trade balance, as many derivatives have to be imported,” said the president.

Ecuador has proven reserves of 7,200 million barrels. The average oil production in 2012 was 504,000 barrels per day, of which 70% is exported, generating annual revenues of $ 12,715.6 million, according to the Central Bank.

Ecuador has proven reserves of 7,200 million barrels.

Ecuador has proven reserves of 7,200 million barrels.

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