Large oil discovery reported on North Cuba heavy oil belt

01/10/2005
Cuba appears to have its first oil discovery since 1999, a heavy but lower sulfur accumulation along its northern coast.Operational specifics were scarce in Cuban and world press reports attributed to President Fidel Castro in late December 2004. Castro announced the Santa Cruz discovery in closed-door session of the national assembly, but parts of it were made public in Cuban media.Fortunately, Pebercan Inc., Montreal, operator of Block 7, with 55% working interest, and Sherritt International Corp., Toronto, with 45% interest, issued statements.Both companies said they will begin appraisal this year, but only Castro said that the discovery contained as much as 100 million bbl of recovera...
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