"The world has failed" Equador and it will now start drilling for oil in the Tambococha-Tiputini area, President Rafael Correa said late on Thursday.

Indigenous groups are expected to protest next week demanding a referendum.

The National Assembly will soon be asked to approve drilling in the Yasuni National Park --considered one of the world's most biodiverse regions.

A trust established to protect the land has just $13.3 million available after receiving international committments for about $116 million, Mr. Correa said. Equador in 2007 had hoped to get $3.6 billion over 12 years for not drilling in the Ishpingo-Tambococha-Tiputini area.

"The world has failed us," Mr. Correa said in a broadcast speech. During six years we did what we could."

Equador will spend the $18 billion it expects to earn from the oil on schools, roads and hospitals, the president said. "Yasuni will continue living but poverty will die." The majority of the income will be earned after he leaves office in 2017, he predicted.

State-owned Petroamazonas will use modern extraction methods, Mr. Correa added.

The Tambococha-Tiputini area contains about half the Ishpingo-Tambococha-Tiputini's 900 million barrels in reserves. It will cost $1.5 billion to $3.0 billion to get the oil and take three years to start producing.

A 2010 Ecuador and U.S study recommended halting oil exploration and road building in the Yasuni. It said Yasuni is among the world's most biodiverse places and home to many endangered species.
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