Another Bogus Cuban Oil Story

Tuesday, September 27, 2016
For decades, hyped reports of Cuban oil discoveries have made their way to the media, which goes on a frenzy.

Then, they always turn out to be untrue. (Click here to learn more about Castro's oil charade.)

And yet again this month.

From The Havana Times:

Cuba Denies Reported Oil Discovery

The state company CubaPetr√≥leo (Cupet) reduced the level of expectations created by the alleged discovery of a major oil field in the center of the island and said the news was a “misinterpretation”, reported dpa news.

The deputy director of CubaPetr√≥leo (Cupet), Roberto Suarez, said some media “distorted” the press release issued by the MEO Australia that “at no time used the word discovery or finding,” but referred to” identification of potential.”

In July news reports spread that the Australian based company MEO had confirmed the discovery of a deposit of 8.2 billion of high quality oil, in a zone located between the central provinces of Matanzas and Ciego de Avila.

MEO has a production contract with Cupet, under which it conducts exploration studies, seismic work and reprocessing data from block number #9, according to Suarez quoted by the official newspaper “Granma”.

Cupet said the alleged discovery still requires an “evaluation, exploration and analysis” because the prospecting “implies risks”.

Currently, Cuba’s oil production covers 60 percent of the energy needed by the island, said the head of exploration Cupet, Oswaldo Lopez, told state television.