Uruguay Says Natural Gas, Possible Oil Deposit Off Its Coast

June 24 (Bloomberg) -- Uruguay's government said a deposit of natural gas and possibly oil has been discovered off of the country's coast.

Natural gas is located 150 kilometers (93 miles) from the city of Punta del Este, President Tabare Vazquez said today, according to a statement on the government's Web site. There also may be another separate deposit of natural gas and possibly oil reserves, said Vazquez, who spoke today in Mexico City.

Economy Minister Danilo Astori said the South American country is seeking new energy sources to reduce its dependence on imported fuel, Uruguayan newspaper Las Ultimas Noticias reported today on its Web site.

To contact the reporter on this story: Heather Walsh in Santiago at hlwalsh@bloomberg.net.

Source: By Heather Walsh