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

“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.