Cuban Dreaming For US Oil Companies

As US oil companies look enviously on, Norway's Norsk Hydro and Indian group Oil and Natural Gas (ONGC) have secured drilling rights in Cuba's portion of the Gulf of Mexico. The firms were invited to participate in drilling activities by Spanish Argentine oil major RepsolYPF, which reportedly found signs of oil during development work in 2004. These three firms are joined by various smaller Canadian operators, Venezuela's state-owned PdVSA and Chinese firms in showing an interest in Cuba's potential oil reserves. Although the country currently only produces some 78,000 barrels per day (b/d), international oil companies (IOCs) are increasingly attracted

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