China Eyes Cuban Oil Potential

U.S officials are cautiously watching Cuba as it commences commercial oil drilling efforts in the Gulf of Mexico.  Cuban oil exploration efforts are guided by China, which due to its growing energy demands, has made significant contributions such as building the oil rig and also extended credit to Cuba for the purpose of expanding its oil refining capabilities.  China’s oil imports could increase to 9 million barrels per day over the next 20 years.

The Cuban government has designated approximately 43,000 square miles for private energy companies to drill deep-water test wells.  With Cuba’s offshore reserves estimated at 5 billion to 9 billion barrels, international investment in Cuba’s oil explorations has climbed to approximately $300 million.

Floridians don’t have much solace in the fact that drillers in Cuban waters could get within about 45 miles of Florida and are fearful of a BP-like spill that could potentially affect hundreds of miles of beaches, mangroves and estuaries from the Florida Keys to Palm Beach.
(Theglobalminute.com, Edited by Topco)