MEO Australia: Oil Production Forecast in Cuba

Australian firm MEO Australia will join Canadian giant Sherritt International as the only foreign petroleum companies operating in Cuba. MEO Australia has signed a Production Sharing Contract (PSC) with Union Cuba Petroleo (CUPET) for exploration of “Block 9” in the newly liberalized Caribbean country. The Australian firm released a report saying that they have studied three oilfields with the potential to produce 8 billion barrels of crude with high quality. MEO also says there are prospects for recovery of 395 million barrels of crude. Block 9 has an area of 2.380 km2, is located in the area from Cardenas to Motembo.

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