Cuba to become oil exporter

2008-10-04

Havana (VNA) – Cuban former President Fidel Castro has said that Cuba might become an oil exporter in a relatively short period of time.

On his article published in October 3 on the Granma newspaper, the former President added that “We are already partly so”.

Cuba is cooperating with Vietnam, Canada, China, Spain, India, Norway and Malaysia to carry out oil and gas exploration and exploitation projects on land and off the Gulf of Mexico.

Cuba has also granted exploitation and exploration permits to seven foreign companies and a joint venture between Spain, India and Norway, who are expected to exploit oil in their first oil well in early 2009.

According to a geological research, Cuba’s oil reserves are estimated to reach 4.6 billion barrels and the Caribbean country can produce 525,000 barrels of oil per day in the next ten years.

Currently, Cuba has spent up to 8 billion USD on its annual energy consumption while, the country earns 2 billion USD from its three economic spearheads including nickel, sugar and pharmaceuticals.