Cuba starts promoting its Gulf of Mexico area

Aug 12, 1999 02:00 AM

Cuba has begun a promotion process to share the oil wealth of its EEZ located in the Gulf of Mexico with foreign companies. This process encompasses a 112,000 sq. km. area. Specific steps will be taken soon to promote the opening of negotiations with companies interested in underwater crude oil prospecting and exploration.
Protected under the Convention on Maritime Rights, which is known as the Law of the Sea, the area is divided into 59 blocks of approximately 2,000 sq. km. each, most of which are located at depths of less than 2,000 m. Others are located at up to 3,500 m. below the sea level.
The current off-shore technology enables drilling and production up to 2,000 m. underwater and, according to predictions, in seven to eight years, commercial operations will be carried out in waters located up to 3,500 m. below the sea level.

Source: IINX via Iinoil
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