Oil Deposit Found Offshore, Castro Says
President Fidel Castro said a crude oil deposit has been discovered off Cuba with up to 100 million barrels, good news for a country that imports about half the petroleum it uses.
“This is the first discovery since 1999,” Castro told the National Assembly on Friday. His comments were aired on state television Saturday.
Castro said the deposit was located off the coast of Santa Cruz del Norte, east of Havana, during exploratory drilling. He said production at the site could begin in 2006.
Cuba currently produces 75,000 barrels of oil daily.
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