Paraguay Makes Big Oil Find

From Nine MSN

A large oil discovery has been made in the Chaco region and Paraguay could join the petroleum producers club in 2013, President Federico Franco said.

“Paraguay is a country full of opportunities. Next week, Tuesday, if God allows, we are going to the Chaco. Petroleum has been found in the Pirity basin and of the best quality, and in abundant quantities,” Franco told a group of Brazilian businessmen.

Initial studies have been conducted and “certainly by April, May, June of next year” Paraguay will join “the countries that produce petroleum,” the president said.

Crescent Global Oil and Pirity Hidrocarburo, which are exploring for oil in the Chaco region, expect to begin drilling in December, the official IP news agency reported.

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