Non-Company Press Releases
Cuba to Drill 5 New Oil Wells by 2013
05 April 2011
HAVANA (Dow Jones Newswires), Apr. 4, 2011
Cuba announced plans to drill five deepwater oil wells in the
Gulf of Mexico beginning this summer, expressing confidence that
its efforts will be rewarded with major new energy finds.
"We're about to move to the drilling phase," said Manuel
Marrero, an official with the government authority tasked with
overseeing Cuba's oil sector.
"We're all really hopeful that we will be able to discover large
reserves of oil and gas," said Marrero, who added that the ventures
would be undertaken with the help of unspecified foreign
He said the deepwater wells were to be drilled between 2011 and
2013, and would be in waters ranging in depth between 400 meters (a
quarter mile) and 1,500 meters (1.6 miles). He did not specify
which countries would be among the foreign partners working with
Havana on the project.
Studies estimate Cuba has probable reserves of between 5 and 9
billion barrels of oil in its economic zone in the Gulf of
In 2010, Cuba produced 21 million barrels of oil, about the same
as it had extracted the previous year, representing a little less
than half of its annual energy needs.
Cuba imports that rest of its oil -- about 100,000 barrels per
day -- from Venezuela.
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