By Marin Katusa of Casey Energy Opportunities
One of Spain’s largest oil companies, Repsol, is gearing up to spud a deep, offshore well in Cuban waters, just 60 miles from the Florida Keys. A huge rig is still en route to the site from Singapore, and as it draws closer to its destination the zealous opposition from Floridian politicians who rely on the Cuban expatriate vote gets louder.
They argue that the well should not be allowed to proceed because it violates the embargo and on a deeper level, that any oil found would prop up the Cuban regime. The first claim is incorrect – it does not violate the embargo as there are no American companies involved; but the second claim deserves closer inspection. Indeed, oil experts say Cuba may have as much as 20 billion barrels of oil in its as-yet untapped portion of the Gulf of Mexico, though the estimate from the US Geological Survey is considerably more modest, pegging potential reserves at 5 billion barrels. READ MORE…
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