Cuba's oil output rises, other projects loom absent sanctions

01/07/2002
The main exploration and development operator in Cuba looks likely to set an oil production record for the fifth straight year.Meanwhile, a lobby group cited a study that found that abolishing the US embargo against Cuba could provide US energy firms $2 billion-$3 billion/year in revenue.The same report indicated that overall energy growth potential is not large in Cuba but concluded that Cuba´s location near growing markets in the US and Mexico make it an interesting crossroads for energy project development.Production gainsSherritt International Corp., Toronto, said its gross operated production in Cuba averaged 37,049 b/d in the quarter ended Sept. 30, up 23% from the second quar...
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