Posted on 10/15/2006 9:24:02 AM PDT by snowsislander
Cuba has recently stepped up efforts to exploit its untapped offshore-oil reserves in deep-water areas of the Gulf of Mexico and boost its economy by granting exploration rights to a number of foreign-based corporations. It has also signed new production-sharing agreements and expanded existing projects with overseas firms to increase onshore heavy-crude-oil production, mostly used to generate electricity and fuel the island's cement and nickel factories.
Prospects for a large petroleum discovery in Cuban territorial waters are indeed very promising. According to the U.S. Geological Survey, Cuba's northern offshore basin might contain 4.6 billion barrels of oil and 9.8 trillion cubic feet of natural gas, representing about half the estimated 10 billion barrels of oil deposits in Alaska's Arctic National Wildlife Refuge. Furthermore, both Mexico and the United States have recently announced huge discoveries of oil in their portions of the Gulf of Mexico. With a similar topography and geological structure in its own waters, Cuba might well become an important oil player in the future.
Havana's aggressive oil strategy aimed to foster exploration and production ventures with foreign partners has caught the eye of several American companies and sparked a new debate in Congress about Washington's long-standing ban on U.S. investments in Cuba.
Last February, executives of some major U.S. energy firms met with Cuban officials in Mexico City to exchange information and discuss potential business opportunities in Cuba's oil sector. And a few months later, Republicans Jeff Flake and Larry Craig introduced identical bills in the House of Representatives and Senate, respectively, that would exempt U.S. oil firms from embargo restrictions and allow them to drill for crude in Cuban waters. As noted by Flake, "Our current policy doesn't serve our energy needs, environmental concerns, or economic principles."
But there is one crucial aspect of the aforementioned debate that is rarely acknowledged...
(Excerpt) Read more at orlandosentinel.com ...
But if Cuba does turn out to be a player in the energy markets, I wonder if its communist regime will be able to continue after Castro passes away? I had hoped that its fall would come soon after Castro's death, but if there is enough oil money, I suspect that communists may be able to prop it up. The potential annual oil revenues far exceed what the Soviet Union was able to give Cuba's communist regime.
We should make it well know that we're willing to deal with Cuba once they start freely electing their leaders.
There is no gerater proponent of the Cuban Embargo than fidel castro himself. That has been, by far, his greatest crutch since the evil empire fell.
And, if the standard for "dealing with countries" is that they have "freely elected leaders" then we better start recalling diplomats and ambassadors from dozens and dozens of other countries.
I disagree. We should lift the embargo and let Cuba once again get a taste of capitalism. It's working for the Chi-Comms.
There's a heck of a lot more political dissent (tolerated and untolerated) in China than in Cuba.
The embargo is 45 years old. Has it weakened castro's grip on power?
Pinon, a former oil executive and research associate: "We are still three to five years away from commercializing any of those Cuban reserves."
"There is at least an 18-month backlog on the leasing of deep-water rigs, he says, and "crude oil is worth zero if you can't move it or process it. Even if they find the oil, what are they going to do with it?"
Benjamin-Alvarado, a regular visitor to Cuba who has been following that nation's energy development for 15 years, concurs. Cuba, he says, needs help "downstreaming" -- upgrading its ports, refineries and maintenance equipment.
Venezuela's state oil monopoly, PDVSA, has signed a $100 million deal to revamp Cuba's Cienfuegos refinery, a Russian relic from Cold-War days, and to increase oil storage capacity at the Port of Matanzas.
http://biz.yahoo.com/ap/060729/oil_and_the_embargo.html?.v=2
Either trade with them or don't trade with them. This "make exceptions" is absurd
Would Cuban oil have fingerprints? Cuba pumps oil, puts in on the world oil market. We buy oil from the world oil market. All happy now.
We cannot drill off the coast of Florida but the Cubans can oh where is Bill Nelson and the other idiots who are keeping us from using our resources? Guess we can buy the oil drilled off Florida from the Cubans for a premium.
Realistically, if we don't directly purchase Cuban oil, we just create space in the market for Chinese firms to come in and develop all the oil infrastructure in that region.
"Bill Nelson another liberal lap dog is sound asleep right along side of his home Mel the actor. Neither one of them voted for making American the official language of America."
You Got It Right!
If we whore ourselves to China and every other nation on the face of the planet, why not Cuba? It's not like we stick up for freedom when we trade with Red China and give them MFN (or whatever it is called this week). We might as well take the john's...er, the Castro's cash, and sell out 90 miles away, too. If it's right for China, there is absolutely no reason outside of electoral politics it's wrong for Cuba.
I've never heard of this before - was this a real vote? Do you have a link?
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