Threat of Scarcity Draws Oil Companies to Cuba
Patricia Grogg
HAVANA, Feb 14 (IPS) - The need to find new oilfields to satisfy world demand, which could soon outstrip production, has prompted foreign oil companies to take an interest in offshore prospecting and drilling around Cuba, to explore the country's unconfirmed potential.
According to predictions, global crude oil production is going to fall in terms of both quantity and quality, and by around 2015 demand will have grown by about 60 million barrels a day above 2004 consumption levels, that stood at 75 million barrels a day..
The Spanish-Argentine firm Repsol YPF was the first to take up the challenge issued by the Cuban government in mid-1999, when it put out for tender 59 blocks for oil exploration in an area of 112,000 square kilometres within its exclusive economic zone in the Gulf of Mexico.
http://www.ipsnews.net/news.asp?idnews=32157
HAVANA, Feb 14 (IPS) - The need to find new oilfields to satisfy world demand, which could soon outstrip production, has prompted foreign oil companies to take an interest in offshore prospecting and drilling around Cuba, to explore the country's unconfirmed potential.
According to predictions, global crude oil production is going to fall in terms of both quantity and quality, and by around 2015 demand will have grown by about 60 million barrels a day above 2004 consumption levels, that stood at 75 million barrels a day..
The Spanish-Argentine firm Repsol YPF was the first to take up the challenge issued by the Cuban government in mid-1999, when it put out for tender 59 blocks for oil exploration in an area of 112,000 square kilometres within its exclusive economic zone in the Gulf of Mexico.
http://www.ipsnews.net/news.asp?idnews=32157
posted by Oil Shock at 9:07 PM
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