20bn barrel oil discovery puts Cuba in the big league

In 2011, Cuba announced a major oil discovery in the Gulf of Mexico, estimated to contain between 5 and 20 billion barrels of oil. The discovery was made by a consortium led by Spanish oil company Repsol, in partnership with Cuba's national oil company and a Norwegian oil company.

The oil was found in the deep waters of the Gulf of Mexico, in an area known as the North Cuba Basin. The discovery was considered significant because it was the first time that oil had been found in Cuban waters, and it was thought to have the potential to transform Cuba's economy, which has been struggling for years under a trade embargo imposed by the United States.

However, the development of the oil discovery has been slow due to a combination of factors, including limited technical and financial resources, as well as the ongoing trade embargo with the United States. Furthermore, the drilling of oil in the Gulf of Mexico is complex and requires advanced technology and expertise, which Cuba does not possess on its own.

If confirmed, it puts Cuba's reserves on par with those of the US and into the world's top 20. Drilling is expected to be done by Cuba's state oil company Cubapetroleo, or Cupet.

As a result, the full potential of the Cuban oil discovery has yet to be realized. While there is potential for Cuba to become a significant oil producer in the future, it will require substantial investment, technology transfer, and political cooperation with other countries to do so.