President Energy Chases 1 Billion Barrels of Oil in Paraguay
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President Energy Plc, a U.K. exploration company, plans to open an oil province in Paraguay as it targets as many as 1 billion barrels there this year.
Three independent audits of the explorer’s prospects showed an average 1.093 billion barrels of oil equivalent in unrisked resources, the company said today in a statement. It will start drilling the first well in May, targeting 600 million barrels.