The crisis in Venezuela has spread to its closest ally Cuba, with Havana warning of power rationing and other shortages that some fear could mark a return to the economic Continue Reading
With the end of the 54-year U.S. trade embargo on Cuba, and Cuban government moves to encourage foreign investors, Cuba is a suddenly attractive venue that is sitting on an Continue Reading
Cuba plans to drill exploratory deepwater wells in the Gulf of Mexico by the end of 2016 or beginning of 2017 despite current low oil prices, officials from the state oil monopoly say. CAMARIOCA, Cuba, Oct 21 (Reuters) – Cuba plans to drill exploratory deepwater wells in the Gulf of Mexico by the end of 2016 or beginning of 2017 despite current low oil prices, officials from the state oil monopoly said. Cuba-Petroleo (Cupet) will drill exploratory wells as deep as 7,000 meters (223,000 ft) in waters of up to 3,000 meters in production sharing contracts with Venezuelan state oil company PDVSA and Angola’s Sonangol. "We will initiate a drilling campaign at the end of 2016 or the start of 2017," Osvaldo Lopez, Cupet’s head of exploration, told Reuters on Wednesday. "The essential goal of the new drilling campaign is at least two deep wells. There could be three. […]
Cuba has oil and gas. That is certain, say geologists. The big question is just how much. Chris Schenk, Geologist at the U.S. Geological Survey, was one of the first to assess the island’s natural resources. By Schenk’s estimate Cuba has at least 4.6 billion barrels of undiscovered oil and 9.8 trillion cubic feet of undiscovered natural gas. Both are considered significant enough to pique the interest of any major energy company in the world. “People are always interested in where the oil is,” Schenk told FOXBusiness.com. The challenge is finding and tapping those resources, which are said to be primarily in the North Cuba Basin on the northwestern part of the island. Source: USGS U.S. President Barack Obama and Cuban President Raul Castro sat down at the United Nations in late September as part of the ongoing efforts to thaw relations that began earlier this year. Even before […]
Cuban energy company reaching out to Middle East counterparts for help with offshore oil development. Photo by GVictoria/Shutterstock HAVANA, July 21 (UPI) — Cuba expects to kick start its deepwater oil exploration activity with assistance from Angola’s state-run energy company Sonangol, a Cuban official said. Cuba is opening its doors more for Western powers after a long Cold War policy of isolation from the United States. The country in the past worked to cut the amount of oil it imports from Venezuela through development of its own offshore reserves. An unnamed official from Cuba’s Cubapetroleo, or Cupet, told energy reporting service Argus the preliminary deal with Sonangol outlines drilling schedules. "The matters to be determined include which of the blocks contracted by Sonangol will be drilled, the sourcing of a rig and the timing of the start of the work," the official said. The U.S. Geological Survey, which reviewed […]
HAVANA (Reuters) – Cuba unveiled new data on Wednesday it said confirmed there were billions of barrels of oil beneath its Gulf of Mexico waters but admitted there was little interest in new exploration even with the thaw in U.S. relations. The United States and Cuba have vowed to restore diplomatic relations after more than 50 years of animosity, but the comprehensive U.S. trade embargo remains in place. While U.S. tourism, transportation and agriculture companies position themselves for Cuban business, oil companies have proven less eager since three exploratory wells came up dry in 2012. Low oil prices and new opportunities in Mexico’s liberalized oil sector are also seen depressing interest. "Despite the opening we haven’t encountered U.S. company interest," Pedro Sorzano, commercial director of state oil monopoly CubaPetroleo (Cupet), told reporters at Cuba’s annual geological sciences convention. Cuba hopes the discovery of oil offshore will free it from […]
Hundreds of Cuban military personnel have reportedly left Venezuela for Cuba, according to unconfirmed reports from former Monagas state Governor Jose Briceno, Diario de Cuba reported Jan. 9. The reason for the movement is unknown. Meanwhile, a group assembled in Caracas’ La Candelaria neighborhood to protest food and goods shortages , El Universal reported. Long waiting lines for basic goods — including corn flour, cooking oil, milk, diapers and deodorant — have become the norm in Venezuela.
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Russian President Vladimir Putin said at the conclusion of a regional visit his government would help Cuba’s state oil company develop offshore reserves. Putin met in Havana with Cuban President Raul Castro during a tour of Latin American countries. Putin said Russian oil company Rosneft would help its counterparts at state-owned Cubapetroleo develop offshore Cuban reserves. "Developing new blocks on Cuba’s offshore shelf is (expected) in the very near future," the Russian president said Sunday. Cuba has limited proven reserves of its own and relies on imports from Latin American countries to meet its energy demands. Cuba had weighed joint partnerships with its Russian counterparts as recently as 2012. Cuba aims to cut the amount of oil it imports from Venezuela through development of its own offshore reserves. The U.S. Energy Information Administration estimates that, as of 2009, Cuba had less than 1 billion barrels of oil reserves.
