Cuba’s Oil Reserves are Huge, says official

HAVANA, Oct. 17 – Cuba could have some 20 billion barrels of oil reserves in the Gulf of Mexico, affirmed Rafael Tenreyro, director of the state-run Cubapetroleo (Cupet) Company. The official said the first well will be opened by Spain’s Repsol Company in mid 2009, reported IPS news service. These reserves would turn the island into an oil-exporting country.

Cuba currently produces 60,000 barrels of oil a day used mainly for generating electricity. It depends on Venezuela for an additional 93,000 barrels a day, which it receives at preferential rates in exchange for the services of thousands of Cuban doctors working in Venezuela, reported the BBC.

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