• Submitted by: admin
• Matanzas
• Business and Economy
• 03 / 25 / 2007

On Saturday, Lage and Basic Industry Minister Yadira Garcia attended the opening of the Siboney 01 well by Empresa de Perforacion y Extraccion de Petroleo del Centro. The well will be 9,580 feet deep and will have a maximum inclination angle of 55 degrees.

The transcendental thing is, he said, that the Island will operate 39 new wells in this 2007, some of which will be run by associated foreign companies and at least 11 will be activated by Empresa Cubana del Petroleo.

"A major effort has been made, independent from the Gulf area, to increase drilling and prospecting in mainland, in the already existing zones," pointed out Lage, adding that "investments are bigger than in previous years and we have prospects to continue to increase production."

The new oil well is about ten feet above sea level and experts expect drilling works to conclude in 80 days, after drilling vertically for 4,250 feet.

"Cuba currently has more than seven drilling machines and it will have 12, which will be administered and operated to drill our own wells and provide services to the other companies," added Lage.

Source: Prensa Latina