Ecuador Launches Campaign to Keep Oil Underground

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ECUADOR: June 7, 2007

QUITO - Ecuador offered on Tuesday to drop plans to develop the country's biggest oilfield if wealthy nations pay it to safeguard pristine land near the proposed drill site.

Leftist President Rafael Correa hopes developed countries and environmental groups will pay the poor South American nation about US$350 million annually to leave the oil in the ground and reduce carbon dioxide emissions to slow global warming.