The Gulf of Mexico is expected to have five new deepwater oil wells by 2013, but they will not belong to the United States.
So who will be operating these new wells? Cuba!
Yesterday Cuba announced that it will be starting the drilling phase in the Gulf to tap into large oil and gas reserves. The wells which will not be far off the Florida’s coast are expected to be completed by 2013. This is all in an effort to make the communist country more energy independent.
Cuba on Tuesday 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 companies.
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…
Despite the BP oil spill tragedy in the gulf, Tenrreyro insisted “safety is more than guaranteed. Cuban institutions have made sure that is the case.”
Cuba’s economic zone in the Gulf, just a stone’s throw from the US state of Florida, is divided into 59 blocs. Of those 20 are ventures with Repsol (Spain), Hydro (Norway), OVL (India), PDVSA (Venezuela), Petrovietnam and Petronas (Malaysia). Petrobras (Brazil) recently pulled out and Sonangol (Angola) recently signed on.
While Cuba seeks energy independence the Obama Administration continues to restrict U.S. companies from drilling in the same waters Cuba will be drilling in…oh and making it clear that Brazil can borrow $2 billion from the U.S. to expand their oil drilling industry. Maybe Obama will loan the Cubans a few bucks too.
Exit question: How much was it to fill up your gas tank today?