20bn barrel oil discovery puts Cuba in the big league

Attention whores. I think they just want the spot light in their tiny insignificant country... sorta like Hugo Chavez stunts every 2 weeks.

Hmm me thinks this might be bull crap.

On oppressive government who controls the media, and who has not had a major resource outside of cigars and sugar, suddenly finds giant stores of oil in a country somewhat larger then Victoria?

Maybe they finally figured out how to run a pipeline over to the Gulf and borrow the American oil. ROTFL

I doubt if this is true and even if it were according to the article it will take 5 years to start getting the oil out of the ground. It will take them over a decade to come fully on line and by then they world would have developed newer greener technologies.

That's why I don't believe in slowing down our oil exports. We need to sell it while the world is still willing to pay top dollar for it.

Sherritt's Oil & Gas operations in Cuba

Established in 1992, Sherritt's Oil and Gas operations in Cuba have grown from a modest oil recovery program to an intermediate exploration and production business that contributes significantly to the success of the Corporation. Over the years, Sherritt has demonstrated its ability to find, develop and produce oil and gas in the challenging environment of Cuba's complex fold and thrust belt reservoir. Currently accounting for approximately two-thirds of Cuba's domestic oil production, Sherritt has produced over 141 million barrels of oil, drilled more than 150 wells and carried out over 320 workovers.

Sherritt holds 40-100% indirect working interest in seven production-sharing contracts and derives most of its production from oil fields located at Yumuri, Varadero, Canasi, and Puerto Escondido along the north coast of Cuba between Havana and Cardenas. These near-shore oil reservoirs are accessed by directional drilling from land-based rigs. Heavy oil is produced, which is sold to the Government of Cuba at market-related prices. Most of the oil is consumed in state power plants which generate the bulk of Cuba's electricity. Average gross working interest production in 2007 for Oil and Gas in Cuba was approximately 30,600 barrels per day.

Sherritt believes that there is potential for growth in Cuba's oil and gas industry, and its primary focus will be to continue investing in its Cuban production and reserve base. The Corporation plans to grow its production through ongoing development drilling and by implementing heavy oil recovery technologies proven in western Canada and other jurisdictions.

To date, Sherritt's operations have used natural reservoir pressures and conventional pumping technology and estimates that its recoverable reserves represent less than 2% of the original oil in place, which currently stands at over seven billion barrels. These low recovery factors are due to the viscous quality of the crude oil produced and the nature of the fractured carbonate reservoirs. Typical Cuban oil fields are believed to contain large accumulations of hydrocarbons and individual fields may contain more than one billion barrels of original oil in place.

To access this oil, Sherritt is pursuing strategies to enhance recovery from existing oil fields utilizing proven technologies such as CO2 injection. The Corporation believes that modest improvements in these low recovery factors would significantly increase its reserves and add to current oil production rates.

Oil is there

Is it as much as the united states, which includes Alaskan reserves as well as Texas' oil industry? I highly doubt Cuba has that much oil.

Well, from what the article says, they are using the oil now for boilers (electricity). This means 2 things:

1. The oil isn't that good.
2. They aren't capable of refining it that well.

Honestly, no Western company would dare use oil for electrical generation. Much greater profits to be made refining it into gasoline or coke. While this will continue to make Cuba energy independent for its electrical needs, it will most likely not effect their needs to import oil.

It's been dripping out of all those '49 Fords
and '51 Chevies for nearly six decades...of
course there's oil...