Cuba to explore petroleum and gas potential

Cuba to explore petroleum and gas potential
Monday, April 04, 2011 11:11 PM

HAVANA, Apr. 4, 2011 (Xinhua News Agency) -- Oil and energy experts from
15 countries opened an international conference here Monday to discuss
the scientific viability of Cuba's petroleum resources such as oil and
gas reserves.

Cuban oil industry experts are presenting their latest research,findings
and prospects for the exploration, extraction and production of oil and
gas at Cuba's offshore deposits as well as the possibility for the
transportation and refining process, organizers of the fourth
International Convention on Earth Sciences said.

The 5-day convention will be attended by oil and energy experts from
Latin America, Canada, Europe and Asia to analyze Cuba's oil potential
in its territorial waters in the Gulf of Mexico.

This region covers an area of 112,000 square km and is divided into 59
blocks, 21 of which have already been contracted to foreign oil companies.

Russian and Chinese companies are also collaborating on land or shallow
waters for further exploration with the Cuban state oil company
Cubapetroleo (Cupet).

Cuba reported a production of about 4 million metric tons of oil and
drilled 25 wells in 2010, whose potential oil reserves are estimated to
be about 20 billion barrels, according to official information from Cupet.

http://www.istockanalyst.com/business/news/5035058/cuba-to-explore-petroleum-and-gas-potential