This is interesting reading…

http://www.reuters.com/article/ousiv/idUSN2834411020080612?pageNumber=1&virtualBrandChannel=0

Mmm…

If my calculations are correct this represents over 200 billion dollars worth in today’s market place.

Interesting parts…

“Drilling was supposed to begin this year and has been put off twice due to undisclosed factors that U.S. experts say likely include difficulty getting a rig because global drilling activity is high, the need for more downstream facilities to handle the oil and possible effects of the U.S. embargo.

The Cuban field lies as much as 6 miles below the sea surface, depths at which U.S. production technology is superior, said Cuba oil expert Jonathan Benjamin-Alvarado at the University of Nebraska-Omaha.

“Cuba and none of the present partners have that (depth) capability without accessing American technology, and therein lies the rub,” he said. “U.S. export controls forbid them to transfer that technology to Cuba.”“

Maybe oil with grease the wheels of US Cuba policy.

It seems to me that I read that Brazil has very good technology for deep drilling. No??

And this article about Cuban oil from the Latin Business Chronicle.

Interesting piece, I also saw this…

http://miamiherald.typepad.com/cuban_colada/2008/07/brazil-cuba-neg.html

If all goes to plan it will be interesting to see just how the cuban government plan to use any money from their oil projects to develop their infrastructure. The general consensus seems to suggest that the embargo has stunted development in this area. Also interesting, if factual,  to note the visit from american oil executives.

“In Venezuela, we have proven to our clients that we can deliver the construction of high quality well-bores in very difficult drilling environments. In particular we have excellent experience and success in the deep drilling areas in Lake Maracaibo and around Maturin”.

This is a claim made by the Venezuelan oil industry, maybe this could be a solution that will have a better solution for Cuban interest.