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Cuba estimates it has 20 Bn bbl of oil offshore

Published Oct 20, 2008
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Cuba’s state-owned Cupet has estimated that the country’s offshore region could contain more than 20 Bn bbl of oil.

Rafael Tenreyro Perez, Cupet’s exploration manager, said the forecast is based on comparisons to known oil reserves found within similar geological structures off the coasts of the US and Mexico. This latest estimate is double a previous US study.

He told reporters in Havana that Cuba’s subsea geology is very similar to that of the Cantarell and Poza Rica fields in Mexico’s Bay of Campeche.

The US Geological Survey (USGS) recently estimated that the North Cuba Basin could hold around 9 Bn bbl of oil and 21 Tcf (595 Bcm) of natural gas. Tenreyro said Cupet’s estimate is higher and more accurate because it has access to more up to date information than the USGS used.