Oil reserves in Cuba
Encyclopedia
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. 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.
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.
Cupet
Cupet is Cuba's state oil company. The company is involved in the extraction of petroleum deposits, refining, and distributing petroleum products. In conjunction with the conglomerate Cimex, it operates a chain of filling stations selling gasoline in convertible pesos.The extraction is based in...
) estimated Cuba's off-shore reserves to be able to ultimately produce between 4.6 and 9.3
billion barrels of crude oil. 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
Oil reserves
The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is...
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.
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
United States embargo against Cuba
The United States embargo against Cuba is a commercial, economic, and financial embargo partially imposed on Cuba in October 1960...
. 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.
External links
- U.S. Presence in Cuba Oil? by Jorge Pinon, Latin Business Chronicle, May 4 2009
- Map Showing the Planned Off Shore Drilling Site
- "Drilling Plans Off Cuba Stir Fears of Impact on Gulf" by The New York TimesThe New York TimesThe New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...