Canadian Firm Plans to Export Cuban Reserves

A Canadian energy company plans to export the reserves from Cuba’s oil boom, a plan that could complicate the U.S. embargo on Cuba.

Sherritt International already produces an estimated 68,000 barrels of crude oil in Cuba. Following record earnings last year, the company said that this year it “plans to export a portion of its Cuban production as a consequence of anticipated production growth and limited demand for domestic heavy oil.”

Cuba is modernizing its oil exploration and production capacity in preparation for its offshore drilling plans that could yield huge amounts of oil and natural gas.

The U.S. Geological Survey estimated two years ago that Cuba can lay claim to 4.6 billion barrels of oil and 9.8 trillion cubic feet of natural gas under the ocean floor that spans between the country and the United States (Greenwire, Feb. 22).

Greenwire