Friday, June 27, 2008

Uruguay Finds Natural Gas Field

Uruguay says it has discovered a large natural gas field off its Atlantic coast that could potentially transform the country from an importer to an exporter of the fuel.

The announcement of the possible find was made by President Tabare Vazquez on his official website.

According to the state oil firm, studies show that the field could contain as much as 85 billion cubic metres of natural gas.

If this estimate is correct, it would provide Uruguay with gas for the next 800 years.

There has been no drilling so far, but authorities say the field could also contain oil, and an auction of gas and oil exploration rights is being prepared for next June.

Uruguay has been looking to open gas fields since a decrease in output forced neighbouring Argentina to cut back on exports.

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