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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: BigBull who wrote (58908)	1/22/2000 10:29:00 AM
From: BigBull	Respond to of 95453

Cuban Deep Water? irna.com thr 008 cuba oil-us interest us companies seeking oil opportunities in cuba london, jan. 21, irna - us oil companies have been quietly checking out opportunities for deep-water oil exploration opened up by cuba in the gulf of mexico, according to senior petroleum adviser at cuba's basic industry ministry, manuel marrero. "they've been through and they're still coming through, "he said in an interview with london's financial times published friday. the interest draws parallel with american companies seeking oil opportunities in iran, where they face similar bans from doing business because of us domestic sanctions. marrero said that despite the embargo, cuba would welcome participation from us firms in the 112,000 sq. km. exploration area, which juts out into one of the world's most prolific oil- producing regions in the gulf of mexico. "if us companies want to come and the us government gives them permission, then the cuban government is not going to put any obstacles in the way," he said. the senior petroleum adviser referred to american firms checking out oil opportunities in vietnam and in some cases entering into informal agreements before washington formally lifted its economic sanctions there in 1994. cuba, which has quadrupled its oil output to 47,000 barrels per day over the last 8 years with foreign assistance, has already made individual presentations to international oil companies in europe and brazil. marrero was said to have disclosed that five or six foreign companies were already in negotiations with cupet, cuba's state oil agency, without giving further details. the financial times reported that havana was finalising a production sharing agreement (psa) model that would be suitable for deep water exploration with a minimum duration of 30 years and with exploration periods of no less than six years. hc/hr end ::irna 21/01/100 15:16