• Submitted by: admin
• Business and Economy
• 10 / 03 / 2006

Pebercan, oil company quoted as PBC in this city's Stock Exchange, announced an increase of 42 per cent in extraction of fuel from its northwestern oil fields in Cuba this year, compared to the same period of 2005.

Gross daily production at Block 7 in the Cuban northwestern oil belt, approaches 21,000 barrels per day, of which 11,500 barrels is Pebercan's share, and that was before the hook up of well STC-302 which has proven successful, according to the company.

Subsidiary of Sherritt International which has also signed for four blocks in Cuban waters of the Gulf of Mexico, Pebercan expects that with the two extra wells that will be drilled before year-end, it should be able to achieve the objective of 15,000 barrels per day in her share of production, a 60 per cent increase over 2005.

Source: Prensa Latina.