Cuban oil drilling rights

[sack]

Caught the tail end of a news article on Cuba putting out the rights to drill in waters north of the island for oil. By any chance did anyone see this report? Seems some members of congress are up in arms because China, India, and Spain are included in the group. Imagine that, China drilling off the coast of the U.S.A. Something has got to give. :whistling:

 

[Newfie]

I didn't see the report, but did catch snippets of oil reserves off the north coast as you mentioned. I remember hearing they weren't substantial enough for any foreign investment, but I would hardly consider the person who told me a good source.

Then again, at today's oil prices, alot can change over the years.

 

[sack]

I didn't see the report, but did catch snippets of oil reserves off the north coast as you mentioned. I remember hearing they weren't substantial enough for any foreign investment, but I would hardly consider the person who told me a good source.

Then again, at today's oil prices, alot can change over the years.

5.6 billion barrels of oil and natural gas reserves at 9.5 billion metric meters, enough to hold us for a bit, IMHO.

 

[drew_goring]

I didn't see the report, but did catch snippets of oil reserves off the north coast as you mentioned. I remember hearing they weren't substantial enough for any foreign investment, but I would hardly consider the person who told me a good source.

Then again, at today's oil prices, alot can change over the years.

If the news reports are true, it sounds like a significant discovery. They are saying approximately 10 billion barrels in Cuba. I am not sure if that is recoverable or just the volume in the reservior. Often times the recoverable rate 60% or less. Compare that to an estimated 100-500 billion barrels of recoverable oil in the Northern Alberta oil sands with current methods.

 

[CigaryGuy07]

Yep it's less than 90 miles from us in Florida. Oilmen are lobbying for rights to it, which hopefully may impact the embargo as well.

 

[sack]

Yep it's less than 90 miles from us in Florida. Oilmen are lobbying for rights to it, which hopefully may impact the embargo as well.

Actually, that's what i was implying. With American oilmen in heat to get at that oil, i could see the possibility of the embargo being affected somehow. Of course Castro just came out with a speech in which he accused the U.S. of using corn for fuel instead of food and the results would be three billion people dead because of our policies. Damn i wish he would just kick the bucket! :angry:

 

[NullSmurf]

What exactly is the problem with that? Soviet AGI "fishing boats" stayed at the 12 mile limit for decades without bothering us much. We got pretty good at running underneath them while blowing our sanitary tanks to sea.

 

[sack]

What exactly is the problem with that? Soviet AGI "fishing boats" stayed at the 12 mile limit for decades without bothering us much. We got pretty good at running underneath them while blowing our sanitary tanks to sea.

:laugh: