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http://news.bbc.co.uk/2/hi/americas/7675234.stm

Cuba claims massive oil reserves

The state-owned Cuban oil company says the country may have more than 20bn barrels of oil in its offshore fields - more than double the previous estimate.

Cubapetroleo's exploration manager said drilling in the offshore wells would begin as early as the middle of 2009.

Such reserves would place Cuba among the top 20 oil producing nations.



Cuba currently produces 60,000 barrels of oil a day.

Cubapetroleo's estimates are based on comparisons to known oil reserves found within similar geological structures off the coasts of the US and Mexico.

The company said Cuba had undersea geology "very similar" to that surrounding Mexico's giant Cantarell and Poza Rica oil fields in the Bay of Campeche.

'More data'

Cuba's share of the Gulf of Mexico was established in 1977, when it signed treaties with the US and Mexico.

The US Geological Survey (USGS) recently estimated that as much as 9bn barrels of oil and 21 trillion cubic feet of natural gas could lie within that zone, in the North Cuba Basin.

However, Cubapetroleo exploration manager Rafael Tenreyro Perez said his company's estimate was higher because it had better information about Cuba's offshore geology.

"I'm almost certain that if [USGS officials] ask for all the data we have, their estimate is going to grow considerably," he told a news conference in the capital, Havana.



If correct, Cuba's oil reserves would be almost the same as those of the US - 21bn barrels, according to the Oil & Gas Journal - and nearly twice the size of Mexico's - 11.7bn barrels.

It could generate unprecedented wealth for the Communist-run state.

Mr Tenreyro said he expected the first production well to be drilled before the middle of next year by a consortium led by the Spanish oil company, Repsol, and that more wells could be started before 2010.

Cuba currently produces 60,000 barrels of oil a day.

It depends on Venezuela for an additional 93,000 barrels a day, which it receives at preferential rates in exchange for the services of thousands of Cuban doctors working in Venezuela
Wow! Imagine the political issues that will now develop if a Communist country 90 miles off our shore has the wealth to bring super military capacity to its shores.

You think we had issues with Cuba in the past?

Imagine if they can also control oil prices in the U.S., depending on whether we open trade with them in exchange for oil?

:eek:

What other scenarios might arise from this discovery? Am I wrong in thinking this is a game changing find?
 

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Wanna bet 'someone' lifts the embargo real quick and declares them our friends? Bet you the "World's Neighbor" would do it in a heart beat.
 

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truth be known, i think they are slant drilling into US reserves right off our Florida shores, but of course Pelosi's gang won't allow us to drill down there. all i have to say is Obama better be damn quick about getting an energy plan together or the dems will pay big time in a few years if we are still buying tons of oil from the middle east and Cuba is making a fortune selling their oil.....man, the **** will hit the fan! :eek:
 
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