But Cuba is effectively demonstrating that it has the capacity to reduce its dependence on foreign oil. In fact, Cupet pegs Cuba’s potential oil reserves—on land and in its Gulf waters—at over 20 billion barrels. If this is accurate, it would make Cuban reserves twice that of Mexico.
French, Chinese, Brazilian, Vietnamese, Spanish, Norwegian, Indian and Malaysian companies are already at work under drilling contracts with Cupet. Moreover, Cuba has passed laws that encourage this foreign investment, and that do not exclude U.S. companies.
Cupet plans to finish 16 of the new wells during the course of this year, and many U.S. companies are looking longingly southward. Will oil be the straw that breaks the embargo’s back?