Oil reserves in Cuba

Oil reserves in Cuba

A 2004 joint partnership between a Spanish oil company and Cuba's state oil company (CUPET) estimated Cuba's off-shore reserves to be able to ultimately produce between 4.6 and 9.3 billion barrels of crude oil.[1] The US Geological Survey (USGS) estimates that Cuba has 9 billion barrels of oil. In October 2008, the Cuban government announced that it had discovered oil basins which would double its total oil reserves to 20 billion barrels, mostly in off-shore oil. If the estimates are accurate, then Cuba would have one of the top 20 reserves in the world.[2]

By 2010 an active leasing program for blocks of the ocean floor north and west of Cuba was underway. No U.S. companies were participating due to the United States embargo against Cuba. Companies, and state-owned firms, from Brazil, India, Norway, Russia, Spain, Venezuela, Vietnam have taken leases. Despite the areas leasing being close to tourist areas in Florida and Cuba, Cuba does not have the equipment or expertise to handle a major oil spill.[3]

References

  1. ^ Lorca-Susino, Maria. "A Brief Energy Outlook for the XXI Century" (pdf). Munich Personal RePEc Archive. http://mpra.ub.uni-muenchen.de/9557/1/MPRA_paper_9557.pdf. Retrieved 2008-10-17. 
  2. ^ BBC: claims massive oil reserves
  3. ^ Kramer, Andrew E. (November 15, 2010). "Gazprom of Russia to Drill for Oil in Cuban Waters". The New York Times. https://www.nytimes.com/2010/11/16/business/global/16oil.html. Retrieved November 16, 2010. 

External links

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