Cuba To Begin Offshore Exploration

Cuba plans to explore oil and natural gas in deep waters of its economic exclusive zone in the Gulf of Mexico in the second half of this year.

According to the weekly journal Opciones, Cuba's Cubapetroleo (CUPET) company will, in cooperation with the Spanish firm Repsol-YPF, conduct the exploration in six out of the 60 blocks into which the area is divided. The exploration zone will cover an area of 10,702 square kilometers, which is almost half Cuba's territory, and lies at 1,000 to 1,500 meters in depth. CGG completed a seismic study of the area in September of last year with encouraging results. Repsol-YPF will provide the initial capital for exploration in at least two wells, and if successful, the number of wells will be increased and earnings will be shared.