The lower cost of operating in the Cuban oil sector and improving Western diplomatic ties means good things for early movers, an Australian company said.
Independent oil company MEO Australia said a number of the wells drilled near the coast of Cuba in so-called Block 9 have recovered oil. Information gleaned from data from Block 9 gave the company confidence about the potential for significant prospects onshore Cuba.
CEO Peter Stickland said the area is the company’s highest priority asset. Data received so far suggests the area is rich in petroleum, with early 2016 representing a watershed moment for onshore Cuba.