21.10.08 Cuba estimates 20bn barrels of oil offshore

Cuba's offshore reserves are now estimated to hold double the oil previously estimated. A recent study by the US Geological Survey estimated that the basin could hold approximately “9 billion barrels of oil and 21 trillion cubic feet of natural gas”, a figure now thought to be closer to 20 billion barrels.

The new estimate has been made based on comparisons to oil reserves found off the coasts of Mexico and the US. Rafael Tenreyreo Perez, exploration manager for Cupet – a state run upstream company – announced at a news conference in Havana that there are considerable geological similarities between the subsea Mexican Cantarell and Poza Rico fields, and those found in the North Cuba Basin.

The BBC has quoted Tenreyro as saying “I'm almost certain that if [USGS officials] ask for all the data we have, their estimate is going to grow considerably”. He stated that the Cupet estimate was higher than that of the USGS as the team had access to more up to date geological data.

2009 will see Spanish company Repsol YPF begin exploratory drilling in the North Cuba Basin.