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Cuba’s Oil Plans Gather Speed with Foreign Aid Causing U.S. Concern

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Please use this identifier to cite or link to this item: http://hdl.handle.net/1928/12795

Cuba’s Oil Plans Gather Speed with Foreign Aid Causing U.S. Concern

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Title: Cuba’s Oil Plans Gather Speed with Foreign Aid Causing U.S. Concern
Author: Daniel Vázquez
Subject(s): Latin America
Cuba
United States
Soviet Union
Gulf of Mexico
Caracas
Havana
Florida
Las Tunas
Cienfuegos
oil
gas
natural
deepwater drilling
spill
CUPET
Abstract: Cuba is accelerating its oil-sector investments to increase its production, triple its refining capacity, and tap potential reserves in its exclusive economic zone in the Gulf of Mexico through a strategy that is attracting foreign companies and motivating environmental as well as political concerns in the US.This year, the island will produce about 28 million barrels of oil. Cuba generated 21.4 million barrels in 2010, which in addition to natural gas represents 46% of its energy consumption. Oil supplied by Caracas, Havana’s main political and economic ally, meets the rest of the country’s needs. Cuba will start drilling exploratory wells this year in its exclusive economic zone (EEZ) of the Gulf of Mexico under contract with Statoil (Norway), which has formed a consortium with Repsol (Spain), OVL (India), Petróleos de Venezuela (PDVSA), PetroVietnam, Petronas (Malaysia), and Sonangol (Angola).
Date: 2011-06-30
URI: http://hdl.handle.net/1928/12795

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