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realclearworld

Drill, baby, drill: Castro Kingdom roping Russians into oil drilling scheme

Here they go again.....

Sealing the deal in Moscow

Sealing the deal in Moscow

All previous attempts to find oil in Cuban waters have failed, but that won't stop anyone in Moscow or Havana from trying once more.

The Castro regime claims that there are over 20 billion barrels of oil to be tapped, and the Russians seem to believe this is true.

One would think that after years and years of dealing with estimates provided by the Castro Kingdom, the Russians would be more cautious.

But... maybe Vladimir Putin loves the feel of oil on his cheeks a bit too much to resist this latest swindle cooked up in Havana.

putincaspian-6edb01951b04de6a5d1b4da67855aa42ad8abbaa-s6-c30

Russia's Rosneft seeks to drill for oil in Cuban waters

As if tensions between the United States and Russia were not high enough, the Russian government-owned oil corporation Rosneft is now seeking a major oil deal with Cuba. At the World Petroleum Congress in Moscow, Rosneft met with Cuban Deputy Minister of Energy and Mines, Ruben Cid, to discuss new oil fields right in America's backyard.

Cid told Itar-Tass, "Talks with Russian oil corporations are underway at the moment. The Director General of our national oil company CUPET, Juan Torrez Naranjo, and Rosneft President Igor Sechin signed a memorandum recently in St Petersburg, under which the two companies will do the joint development of oilfields on the Cuban continental shelf.”

If the deal continues, it will mean two government-owned oil companies with roots in communism will build a meaningful business relationship. Cuba has oil reserves of somewhere between four and 20 billion barrels. CUPET estimates 20 billion, whereas the United States Geological Society has a more modest estimate of four-to-nine billion barrels.

Right now, oil is priced around $110 per barrel. This is quite a lucrative deal, comparable even to the $900 billion deal Rosneft currently has underway with Exxon Mobil. In that arrangement, Arctic drilling should bring in nine billion barrels of oil.

The contract CUPET is proposing to Rosneft will allow oil production in deep waters and areas not belonging to the United States. Cid explains, "Production in deep waters is expensive enough and that's why to attract investors there is a much more painstaking job. In this respect, we pin hopes on our partners from Venezuela and Angola, as well as on Rosneft. Hopefully this contract will be signed."

Continue reading HERE.

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