June 25, 2008

Uruguay Detects First Natural Gas Reserves

Uruguay detects first natural gas reserves

MONTEVIDEO, June 24 (Xinhua) ?- Uruguay has detected its first natural gas reserves off its coast, the country's state-run energy company announced Tuesday.

According to the first seismic studies, it is evident there are gas accumulations on the continental shelf off the coast, Raul Sendic, President of Uruguay's state-run oil company ANCAP, told a local radio station.

Sendic said he was "very enthusiastic" about the finding, which will also allow authorities to determine if there is oil off the coast.

However, surveys must continue to determine the viability of the "exploitation and commercialization" of the natural gas reserves, he added.

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