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Cuba set to raise exploited oil output

Cuba is planning to increase its pumped oil output from 21 million to 28 million barrels a year and start oil and gas exploitation in its exclusive economic zone in the Gulf of Mexico.
Cuba is planning to increase its pumped oil output from 21 million to28 million barrels a year and start oil and gas exploitation in itsexclusive economic zone in the Gulf of Mexico.

The current output of 21 million barrels of oil exploited on land andinshore can only meet 46 percent of the country's domesticconsumption demands, said Rafael Tenreyro, exploration manager at thestate-run company Cubapetroleo (CUPET).

Cuba is currently importing almost 100,000 barrels of oil a day from Venezuela , Tenreyro added.

Cuban experts said the country’s economic zone in the Gulf of Mexicohold huge oil potentials, with reserves estimated at 20 billionbarrels.

The island country expects to hook up withforeign partners to begin drilling exploratory wells in the Gulf ofMexico later this year./.
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