Cuba could become oil exporter

Oil development in Cuba's Gulf of Mexico waters has prompted speculation that the country could become an exporter of crude, rather than just importing it.

Many commentators further believe that the country's rich oil resources and potential for expansion could see ties with the US strengthen through stronger trade negotiations and international regulatory cooperation. However, early movements are still purely speculative, as the state-owned oil company CUPET and Cuban authorities remain discreetly silent on the issue.

The focus now remains on drilling operations in the gulf, in order to determine or establish the potential for oil and gas production in Cuba's exclusive economic zone (EEZ).

CUPET estimate there may be a potential of 20,000 million barrels of oil in the EEZ, which is divided into 59 oil and gas exploration blocks. Rolando Fernández, supervisor of the Gulf of Mexico operations group Tenreiro stated in IPS News that it was "possible" that Cuba could become an oil exporter, saying: "We have to prepare the country for this good news."

20 of the offshore exploration blocks have already been leased to large companies in 2011.

Posted by Lauren Steadman