For 51 years the U.S. has imposed an economic embargo against Cuba, severely crippling the island’s economy for its effrontery in choosing a socialist path for development, a policy confirmed and intensified in the wake of the 1962 Cuban Missile Crisis.
Now the unlikeliest of economic interests may be bringing the two countries closer together – oil.
Specifically, oil deposits in the Florida Straits between Key West and Cuba.
Spain’s largest oil company, Repsol-YPF, has contracted the massive Italian-made Scarabeo 9 semi-submersible oil rig, currently en route from Singapore, to arrive in the Florida Straits by the end of the year after the end of hurricane season to begin exploring Cuba’s offshore reserves. Repsol-YPF, which drilled Cuba’s first onshore well in 2004, intends initially to drill six wells with the Scarabeo 9 rig.
Cuba, which currently produces a paltry roughly 50,000 barrels of oil per day from onshore sources, is understandably keen to begin exploiting its offshore reserves, which estimates place between 5-20 billion barrels of crude in a 43,000 square-mile drilling area containing 59 maritime fields it has designated off its northern coast. While Fidel Castro’s close ally, Venezuelan Hugo Chávez currently Full article at: Oil Diplomacy to the Rescue?
And they'll STILL be poor as hell because they'll squander those resources too.
Could make for some interesting regional tension, particularly if there some were some type of disaster à la Macondo.
Does anyone know how far Cuba's territorial waters extend? Brief search on shows that a country's "exclusive economic zone" extends 200 NM off its coast. Would be interested to know where the line is drawn between US/Cuba. Haven't had time to read the article yet. Hoping to get to it at lunch.
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