Ecopetrol to explore for oil in Cuba's gulf waters

Colombian state-controlled oil company Ecopetrol plans to explore for oil in Cuban waters in the Gulf of Mexico, officials said. Colombian Energy Minister Hernan Martinez announced the project after meeting with Cuban Basic Industry Minister Yadira Garcia.
The meeting with Garcia and other Cuban officials was "very interesting," Martinez told, adding that Ecopetrol would register with the island's National Mineral Resources Organization as the first step in developing the project. "Later, a group of technicians will be sent to conduct a geological study" in Cuba's Exclusive Economic Zone in the Gulf of Mexico, the Colombian energy minister said.

The zone, off the island's north-western coast, covers an area of some 112,000 sq km (43,240 sq miles).
"We'll be doing that very soon, so we can later determine our participation," Martinez said.
The minister travelled to Havana with Ecopetrol CEO Javier Gutierrez for a 24-hour visit to meet with Cuban officials and discuss exploration opportunities in deepwater areas within Cuba's Gulf boundaries.

Spain's Repsol-YPF, Norway's Norsk Hydro, India's Oil and Natural Gas Corporation, Malaysia's Petronas, Venezuela's PdVSA, Vietnam's PetroVietnam and Brazil's Petrobras are operating in Cuba's Exclusive Economic Zone.
State-owned Cuba Petroleo's exploration director, Rafael Tenreyro, said last November that based on "very modest" estimates, about 20 bn barrels could lie off the island's north coast, while the US Geological Survey has estimated that the North Cuba Basin holds between 4.6 bn and 9.3 bn barrels of crude oil. The zone is divided into 59 blocks and, according to officials, only 30 of them are located at depths of less than 2,000 meters (6,550 feet).