Still think it was a great idea to sanction Cuba?

[mrburns918]

We trade with China, we trade with Vietnam! But by God there is no way in hell we will trade with communist Cuba! Let's sanction them, cut them off, to make a few people in Miami, FL happy.

Good news for Cuba was announced today. They discovered one of the largest oil pools in the world effectively making the country self reliant. The help of Russia will no longer be needed.

Someone stamp "moron" on the people and politicians who supported our stance on Cuba.

http://www.guardian.co.uk/world/2008/oct/18/cuban-oil

Mr. Burns
Bob Barr for President

[cannon_fodder]

Good for them if true.  Wealth tends to produce more open countries as people who have means are harder to suppress.  PLUS, more oil in the world means a lower price for everyone and less volatility.  

That said...

This is a non-news story.  The State of Cuba has announced that they revised their estimates.  They did not "find" any new oil - they merely looked at their previous estimates, compared them to what the US and Mexico are producing,  and decided the estimates were low.  So they doubled them.

quote:Havana based its dramatically higher estimate mainly on comparisons with oil output from similar geological structures off the coasts of Mexico and the US. Cuba's undersea geology was "very similar" to Mexico's giant Cantarell oil field in the Bay of Campeche, said Tenreyro.

A consortium of companies led by Spain's Repsol had tested wells and were expected to begin drilling the first production well in mid-2009, and possibly several more later in the year, he said.

Cuba currently produces about 60,000 barrels of oil daily, covering almost half of its needs, and imports the rest from Venezuela in return for Cuban doctors and sports instructors. Even that barter system puts a strain on an impoverished economy in which Cubans earn an average monthly salary of $20.

They have doubled their estimated reserves by comparing their old numbers with the new numbers in the US and Mexico.  No test wells have been drilled.  No actual oil produced.  They currently produce 60K barrels, if their state-run oil company can double that it is 120K barrels.  About half of what California produces with no ocean drilling.

Frankly, I'm not holding out on this one.

BUT, if true... it would be good news.

[mrburns918]

quote:Originally posted by cannon_fodder

Good for them if true.  Wealth tends to produce more open countries as people who have means are harder to suppress.  PLUS, more oil in the world means a lower price for everyone and less volatility.  

That said...

This is a non-news story.  The State of Cuba has announced that they revised their estimates.  They did not "find" any new oil - they merely looked at their previous estimates, compared them to what the US and Mexico are producing,  and decided the estimates were low.  So they doubled them.

quote:Havana based its dramatically higher estimate mainly on comparisons with oil output from similar geological structures off the coasts of Mexico and the US. Cuba's undersea geology was "very similar" to Mexico's giant Cantarell oil field in the Bay of Campeche, said Tenreyro.

A consortium of companies led by Spain's Repsol had tested wells and were expected to begin drilling the first production well in mid-2009, and possibly several more later in the year, he said.

Cuba currently produces about 60,000 barrels of oil daily, covering almost half of its needs, and imports the rest from Venezuela in return for Cuban doctors and sports instructors. Even that barter system puts a strain on an impoverished economy in which Cubans earn an average monthly salary of $20.

They have doubled their estimated reserves by comparing their old numbers with the new numbers in the US and Mexico.  No test wells have been drilled.  No actual oil produced.  They currently produce 60K barrels, if their state-run oil company can double that it is 120K barrels.  About half of what California produces with no ocean drilling.

Frankly, I'm not holding out on this one.

BUT, if true... it would be good news.

You are correct sir, it is based on a re-evaluation of their estimate. My bad!

I could go for a Mojito about now.

Mr. Burns
Bob Barr for President

[cannon_fodder]

No worries.  I just don't take what the government of Cuba says to be that meaningful.  Oklahoma currently produces more oil than Cuba, they have far more reserves but their is governmental.  And if I know anything, it is governments do not operate efficiently.

I planted mint in my front patio for Mojitos.  I highly recommend pineapple mojitos:

distress (crush but don't shred) fresh mint in the glass
2 oz light rum
1/2 oz simple syrup
ice
pineapple juice
foo-foo umbrella/sword