Ecuador stop boosting oil contracts with venture investment 16 years ago, but due to the near depletion of existing reserves, the Ministry of Non-Renewable Natural Resources has settled looking for petroleum in thirteen areas of the Amazon country to obtain from 400 to 1,600 million barrels of oil.
Last Saturday, President Rafael Correa said in his usual Saturday broadcast: “With the current oil reserves there is no petroleum, but only for ten years; the southeast has not been explored and it seems that there is more oil than there is in the northeast (place of current oil extraction).”
The president of a subsidiary of Petroecuador, Oscar Garzon said that the current attempt is laudable because it is a process that should have been given more than a decade ago.
Wilson Pastor, Minister of Non-Renewable Resources, added that the state oil companies of Belarus and Peru could become members of the State in oil exploration. (MZ)
