New oil reserves found in Ecuador
Quito - Xinhua
Ecuador's state oil company Petroecuador announced Tuesday that it has found new oil deposits with proven reserves of 18 million barrels at the Ecuadorian Amazon. "The total volume of the reserves allows us to compensate in part the consumed reserves and generate more revenues for the Ecuadorian government," Petroecuador said. The reserves were found in three wells at the Ecuadorian Amazon. The state oil company has said it plans to increase its output by 10 percent in 2012 to 165,000 barrels per day.
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