Cuba Builds Wells, Will Drill in Gulf by 2013

Monday, 11 Apr 2011 01:29 PM

By Martin Gould

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The Communist island nation is to start work on five wells in the Gulf this summer in fields where reserves are estimated at 20 billion barrels, reports China’s People’s Daily. Production should start in 2013.

Cuba currently produces around 21 million barrels of oil a year, less than half its energy needs. Virtually all its imports come from Venezuela. "We are all very hopeful to find larger oil and gas deposits," said Manuel Marrero, an official with MINBAS, Cuba's Ministry of Basic Industry.

He said the platforms used by the Cubans and their unidentified foreign partners would be among the safest and most modern in the world and that drilling would be done under “very severe” regulation.

No American companies can take advantage of the Cuban move due to Washington’s long-standing ban on U.S. business dealings with the island.

Permits for drilling in the US section of the Gulf were halted in the light of the April 2010 explosion on the BP rig which killed 11 workers and released millions of gallons of oil. The first new permit since then was issued to Shell last month.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

GAO: Obamacare Website Fixes Approach $1 Billion Mark

Wednesday, 30 Jul 2014 17:25 PM

The price tag for healthcare.gov, the Obamacare website, is approaching $1 billion even as key features remain incomplet . . .

House Approves $16.3 Billion VA Health Care Overhaul

Wednesday, 30 Jul 2014 17:15 PM

The House overwhelmingly approved a landmark bill Wednesday to refurbish the Veterans Affairs Department and improve vet . . .

Cruz Wants GOP House Members to Oppose Boehner Immigration Bill

Wednesday, 30 Jul 2014 17:01 PM

Sen. Ted Cruz will meet with a group of House Republicans to try to persuade them to oppose House Speaker John Boehner's . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved