Saturday, October 18, 2008

Cuba says may have 20 billion barrels of oil offshore

HAVANA (Reuters) - Cuban oil officials said on Thursday that Cuba may have more than 20 billion barrels of recoverable oil in its offshore fields, more than twice the maximum estimate of the U.S. Geological Survey.

Such a large oil find would likely make Cuba an oil exporter and bring prosperity to the communist-run island that now imports half its energy needs. Officials said they hoped to drill the first production wells next year.

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