Russia May Lease Cuban Offshore Oil Blocks, Reuters Reports

[Purveyor]

By Jose Orozco

March 18 (Bloomberg) -- A group of five Russian companies may lease as many as 15 oil blocks, representing 15,440 square miles, for exploration in Cuba’s portion of the Gulf of Mexico, Reuters reported, citing a Cuban energy official.

The Russians are studying the waters off the island nation’s northwest coast for possible oil reserves before choosing which they’d like to lease, Reuters reported, citing Manuel Marrero Faz, an official at Cuba’s Ministry of Basic Industry. Cuba will soon negotiate contract terms, according to Marrero, Reuters reported.

China National Petroleum Corp. and Angola’s national oil company are also considering leasing blocks in Cuban waters, Reuters reported, citing Marrero.

Of 59 blocks in Cuba’s share of the Gulf of Mexico, 21 are leased to seven companies, 23 are being negotiated, including the 15 to the Russians, leaving 15 more available, according to Marrero, Reuters said.

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