Drilling for black gold:Spain's Repsol-YPF helps Cuba search the waters of

[Judi Lynn]

Posted on Mon, Jun. 28, 2004

Drilling for black gold

Spain's Repsol-YPF helps Cuba search the waters off its coast for oil

BY LARRY LUXNER

Special to The Herald


HAVANA -- The Spanish oil company Repsol-YPF has begun drilling for oil in waters 18 miles off Cuba's northwestern coast in an effort to reduce Havana's dependence on imports.

Although the decades-old U.S. trade embargo precludes the involvement of U.S. oil companies in the Cuban industry, oil officials in Cuba say they would be open to the possibility.

''We are open to U.S. oil companies interested in exploration, production and services,'' Juan Fleites, vice president of the state-run Cubapetroleo told U.S. executives at a recent conference in Havana.
(snip)

Fleites said 16 foreign oil companies, mostly from Canada, France and Spain, have already signed contracts to prospect and drill to a depth of between 1,000 and 3,000 meters.
(snip/...)

http://www.miami.com/mld/miamiherald/business/9020435.htm
(Free registration required)