Russia Eyes Cuba For Oil

cuba_oilA Cuban official has announced a consortium of Russian oil companies is looking into leasing 15,440 square miles (40,000 square kilometers) for oil exploration in Cuba’s part of the Gulf of Mexico.

Manuel Marrero Faz of Cuba’s Ministry of Basic Industry added that the China National Petroleum Corporation and Angola’s national oil company are also looking into other areas off Cuba’s coast for oil exploration.

The announcement comes on the heels of the creation of a joint oil-exploration company between Russia and Venezuela, and Russia’s possible placement of long-range nuclear bombers in Cuba and Venezuela.

Cuba has divided its share of the gulf into 59 blocks. 21 of these are already under lease to seven companies. Marrero said Cuba was in negotiations to lease another 23, including the 15 for Russia. Another 15 are still available.

Cuba produces about 60,000 barrels of oil per day, all from wells drilled onshore, but says it may have 20 billion barrels of oil in its offshore fields.

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