The Obama administration has recognized that lifting sanctions against Cuba is a first necessary step toward the country’s inclusion into International Financial Institutions (IFIs) and its ability to attract foreign private investment. MEO Australia is one of few foreign companies operating in Cuba and has discovered an oil deposit on the northern coast. It expects Block 9 to hold some 8 billion barrels of oil with the potential to produce almost 400 million barrels. Estimates from a U.S. Geological Survey say the Island could hold approximately 4.6 billion barrels of crude oil and 9.8 trillion cubic feet of natural gas. The policy directive, issued last week, is aimed at not only normalizing relations, but also at the economic enhancement for Cuba.
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