According to Cuba's president Castro, it's the first discovery since 1999
Two Canadian oil companies Sherritt International Corp. and Pebercan Inc. have discovered an oil deposit with an estimated 100-million-barrel reserve offshore Cuba, the country?s president Fidel Castro said.
According to Castro, it?s the first discovery since 1999.
Cuban oil production was 26 million barrels (71,300 bpd) in 2003 and 653 million cubic meters of gas, the government said, with oil output down slightly in 2004.
Cuba consumes a minimum 150,000 bpd, according to the government, importing fuel on preferential terms from Venezuela.
Cuban crude comes from onshore wells that dot the northwest coast along Havana am Matanzas provinces.