Oil Exploration in Cuba's Gulf Waters

(Havana, Cuba) Cuba has 59 blocks of deep Gulf of Mexico waters claimed in an economic exclusion zone fronting the United States. Of the 59, 28 have been reserved for exploration by seven foreign companies.

The latest to join is the Brazilian state oil company Petrobras which signed the agreement with the Cuban state oil company CUPET on Friday.

The US Geological Survey estimated the North Cuba basin could contain 4.6 billion barrels of oil, with a high-end potential of 9.3 billion barrels, and close to 1 trillion cubic feet of natural gas.

PDVSA of Venezuela is aready a major partner of Cuba in oil, taking out blocks in the gulf and building and modernizing refineries. Others signing agreements include Spain's Repsol-YPF, India's ONGC and Nordsk Hydro, Vietnam state oil and gas group Petrovietnam, Malaysia's state-run Petronas and Canada's Sherritt International.

So, along with Venezuela, Spain, India, Vietnam, Malaysia and Canada, now Brazil will be drilling in the Gulf of Mexico. Isn't it odd that the only country that can't drill in the Gulf of Mexico is the one which borders it on three sides? I think so.