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Cuba's black gold

Rafael Tenreyo Perez, the exploration manager for CubaPetrol, told a few reporters in attendance at the World Petroleum Congress, ministerial session, that production sharing agreements that Cuba has signed with foreign companies are a step towards a more detailed look at the offshore blocks that Cuba is hoping to lease, “It is possible to discover big and even giant oil fields” Tenreyo said, adding that the first offshore well in Cuban waters in the exclusive zone could be drilled within the next 12 months. The companies with a better chance to strike black gold are Malaysia’s Petronas, Spain’s Repsol YPF, or India’s ONGC, they already have rights to blocks.

As Robert Bryce, Editor of Energy Tribune wrote: The energy revolution will not be televised. But for Cuba, it may just begin offshore.

Petroleumworld News 07/15/08

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