• Submitted by: manso
• Business and Economy
• 04 / 05 / 2011

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English.news.cn   2011-04-05 11:11:30. HAVANA, April 4 (Xinhua) -- Oil and energy experts from 15 countries opened an international conference here Monday to discuss the scientific viability of Cuba's petroleum resources such as oil and gas reserves.

Cuban oil industry experts are presenting their latest research,findings and prospects for the exploration, extraction and production of oil and gas at Cuba's offshore deposits as well as the possibility for the transportation and refining process, organizers of the fourth International Convention on Earth Sciences said.

The 5-day convention will be attended by oil and energy experts from Latin America, Canada, Europe and Asia to analyze Cuba's oil potential in its territorial waters in the Gulf of Mexico.

This region covers an area of 112,000 square km and is divided into 59 blocks, 21 of which have already been contracted to foreign oil companies.

Russian and Chinese companies are also collaborating on land or shallow waters for further exploration with the Cuban state oil company Cubapetroleo (Cupet).

Cuba reported a production of about 4 million metric tons of oil and drilled 25 wells in 2010, whose potential oil reserves are estimated to be about 20 billion barrels, according to official information from Cupet. Editor: Yang Lina

Source: http://news.xinhuanet.com/english2010/world/2011-04/05/c_13813669.htm