Oil prospects

There has been a lot of publicity about the possibility that Cuba could discover high-quality oil in its Gulf waters north of Havana and Pinar del Rio provinces. But as a Reuters report [link expired; see it in comments section] confirms, it’s a long-term proposition. Vietnam acquired rights to explore in three offshore blocks but gives no indication when exploration might begin. An Indian company might drill late next year, and Spain’s Repsol, which drilled and found good oil but not in sufficient quantities to exploit, might return to drilling next year too.

The real story in Cuban energy production continues to be onshore drilling on the north coast east of Havana, where partnerships with foreign investors have yielded some new oil discoveries, enhanced recovery in existing wells, and Cuba’s first natural gas production.