05-12-03 Cuba says American oil companies are welcome to join exploration efforts off the island's coast in the Gulf of Mexico.
A report said that Cuban officials would not object to US companies exploring for oil in Cuban waters as long as it is mutually beneficial.

Oil companies from Spain and Canada have signed agreements with the government to begin exploring off Cuba's coast. Brazil's state-owned oil company, Petrobras, is studying the feasibility of exploring for oil off Cuba's shores.
The four-decade old US trade embargo against Cuba would prevent American oil companies from exploring for oil in Cuban waters. But the Cuban statement said American farmers have been selling their goods to Cuba for the past two years under an exception to the sanctions.