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Uruguay Discovers ‘Extremely Encouraging’ Oil Deposits

teleSUR | January 14, 2015

Australian company Petrel Energy has announced that it has found and certified the existence of 20 potential oil deposits in the north of Uruguay, the only country in the region that imports all the hydrocarbons that it consumes.

Uruguayan state petrol enterprise ANCAP said that the certification includes “20 conventional explorations,” with an estimation of risk-free resources “of up to 1.8 billion recoverable barrels which implies 5.6 billion barrels originally in the sub-soil.”

ANCAP emphasized that there may be more oil yet to discover, for which “more exploratory work is required, like various drillings, in order to determine the existence of significant hydrocrabon accumulations.”

The results are “extremely encouraging,” the company said, adding that the Australian company Schuepach confirmed that it will drill four exploratory wells in the zone between 2015 and 2017.

In recent years, Uruguay set itself the task of trying to find oil in its territory, sparking several offshore projects in 2009 and 2012.

January 15, 2015 - Posted by | Economics, Malthusian Ideology, Phony Scarcity |

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