Thursday August 03, 2006

US cut off from Cuba's oil rush

ottsun.canoe.ca :

A Canadian firm is among the companies whose move to drill for oil along Cuba's coastline has raised the eyebrows of oil executives - and given energy-thirsty America pause to reconsider its 45-year trade embargo against the Communist country.

Canada's Sherritt International Corp. has exploration rights in 4 of the 59 deep-sea blocks that the Cuban government created in 2005, after a report by the U.S. Geological Survey confirmed the North Cuba Basin held up to 9.3 billion barrels of crude oil and up to 21.8 trillion cubic feet of natural gas. The fields have drawn the interest of companies from China, India, Norway, Spain, Venezuela and Brazil, but the U.S. is cut off due to the embargo.

(2006-08-03 12:30:28 SGT) [Energy] Permalink

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