Signs of Crude Oil in Exclusive Economic Zone

Hopes are focused now on four oil wells in the Gulf of Mexico, Cuba-Petróleo revealed

By: Juventud Rebelde

Email: digital@juventudrebelde.cu

2017-04-07 | 18:07:19 EST

Signs of crude oil has been found in four oil wells located in the Exclusive Economic Zone of Cuba in the Gulf of Mexico (ZEEC-GOM), this was revealed by Cuba- Petróleo (CUPET) which promotes prospecting projects with foreign capital.

The head of the CUPET Exploration Group Osvaldo López indicated in the framework of the Petrogas Congress taking place in Havana’s Convention Palace ,that these result confirmed the presence of oil deposits in deep waters of theZEEC-GOM. Cuba  has conducted geological studies in which the existence of 22 million barrels of oil are estimated.

As reported by Prensa Latina, the CUPET executive said that at the end of 2016 an exploration campaign began to drill new structures, which has led to an investment of at least 17 million dollars. In this regard, he said that studies are underway in diverse basins of the island with joint investments by foreing companies and the Cuban CUPET.

The expert also announced that in this moment new drillings are taking place in Seboruco and Varadero, in the Northern strip of the Western zone with the aim of increasing the country’s oil production.

CUPET produces every year around four million of tons of crude oil and gas, which represent 50% of the domestic comsumption, especially for power generation.

Nowadays, foreign companies from Canada, Russia, Venezuela, Angola, Australia and Vietnam have hired or are negotiating blocs on land to perform prospections in the  

ZEE of Cuba in the Gulf of Mexico.

The 2017 Petrogas congress, which is holding sessions until this Friday in Havana, has centered debates on the update of the ZEEC-GOM hydrocarbon potential and on explaing its petro-physical behaviour. Likewise, workshops about the technology of far reaching and horizontal drilling, biotechnology and environmental protection and chemical application in the oil industryhave been included.

The event also coincides with the situation in which Cuba seeks to relaunch its oil prospecting projects, in deep and shallow waters, with the aid of foreign capital to reduce foreign energy dependency.

 

Translated by ESTI     

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