March 14, 2012 17:11 PM
HAVANA, March 14 (Bernama) -- Cuba has announced new customs regulations
in a bid to boost offshore oil drilling in its exclusive economic zone
(EEZ) in the Gulf of Mexico.
The new rules which regulate personnel, goods and vehicles involved in
oil exploration activities would take effect Thursday, Xinhua news
agency reported local media as saying yesterday.
The move was part of the Caribbean island nation's endeavour to revive
the economy and become self-sufficient in energy.
The new rules are expected to boost foreign investments in oil sector as
Spanish oil firm Repsol-YPF is going ahead with its drilling operations
for its first deepwater well in Cuba's EEZ in the Gulf, 50 km northwest
of the capital city of Havana. The Operations began in mid January with
the positioning of the chinese-made oil platform scarabeo 9.
Cuba's EEZ covers an area of 112 square kilometers divided into 59
blocks for prospecting.
Cuban authorities claim to have rich oil reserves of more than 20
billion barrels in the northern waters of the Gulf, while the U.S.
Geological Service estimates a more modest figure of 5 billion barrels,
although its study did not cover the entire Cuban zone.
In addition to Spain's Repsol-YPF, several other foreign companies have
expressed interest in operating in the region, including Venezuela's
PDVSA, Vietnam's Petro, and Norway's Statoil.
Cuba's oil offshore drilling plan in Gulf waters has irked the United
States, which raised security and environmental concerns.
Cuba now produces about four million tons of oil and gas each year but
the amount covers only half of the nation's domestic need.
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