Oil in Cuba? Chavez says Fidel is OPEC-Bound

Cuba, which for decades has struggled with crippling energy crises, has black gold and could be OPEC-bound, Venezuela's President Hugo Chavez said with a smile. "Fidel is headed for OPEC ... I hope it will be the case," Chavez joked at a meeting of developing countries in Havana. If Cuba were to achieve energy independence, the Cinderella-story shift could flip regional geopolitics upside down, potentially turning Castro's cash-strapped, oil import-dependent regime into a crude exporter able to fund itself well into the future.

The Gulf's waters are divided into economic exclusion zones of the United States, Mexico and Cuba. Recent deep-water studies have been promising. India's state-run oil company has signed a deal with Cuba for oil exploration in the Gulf of Mexico. Officials of the state-run Cuba Petroleos (CUPET) say a total of six companies have signed exploration deals for 16 blocs in the Gulf of Mexico.

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