Petroleum Africa
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Friday, July 17, 2015
The lifting of the US’ economic embargo on Cuba could lead to one African NOC drilling off the island nation. According to reports out of Cuba, Angola’s national oil company, Sonangol, will produce oil by 2017 offshore the country.
“The first hole would be ready for production between 2016 and 2017, depending on the location of the platform,” Ricardo Cabrisas Ruiz, Cuba’s VP of the council of ministers, told Angolan state media.
According to estimates by the US Geological Survey, Cuba’s offshore region could hold between 5 and 7 billion barrels; however, only four wells have been drilled, none encountering oil.
The US and Cuba agreed to restore diplomatic relations on July 20 but some bilateral disputes, including demands by Cuba that the US end its economic embargo and return the naval base at Guantanamo Bay could take some time to reach a mutually beneficial conclusion.
“It is important we continue to fight for the lifting of the trade embargo and financial restrictions,” said Ruiz, who was on a diplomatic trip aimed at boosting trade with Angola, Africa’s second-largest oil exporter.
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