The Current State Of Cuba's Offshore Oil Development

While Cuba produces some energy – principally heavy oil and associated natural gas – its domestic production does not meet its requirements for daily energy consumption. Once dependent on the Soviet Union for energy imports, Cuba now relies on Venezuela for oil to keep its economy afloat. According to experts, Cuba's arrangement with Venezuela is unsustainable over the long-term. 

The U.S. Geological Survey estimates that offshore reserves in the North Cuba Basin could contain an additional five billion barrels of undiscovered technically recoverable crude oil. Cuba estimates its reserves in 20 billion barrels. However, all exploratory results have been a blow to Cuban hopes of finding oil. Some attempts came up dry or resulted in the discovery of a field devoid of commercial value.