Cuban Oil: Black Gold or Black Hole?

Wednesday, 14 October 2015

Excerpt: … “It’s another Gulf of Mexico play, a possible extension of what the industry has achieved in that region,” said Richard Sawaya, Vice President of USA*Engage, during an interview with His organization, a broad-based coalition, is an advocate for normal commercial relations among countries and supports the lifting of sanctions against Cuba. However the natural resources industry may not be as aggressive in Cuba as they might have been back in 2014 when oil prices were hovering around $100 a barrel. Prices have fallen 50% since. “Given what has happened to oil prices it would be hard for me as a veteran of the industry to see exploratory work as high on the list” for major energy companies, he said.

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