Cuban Oil Discovery Raises Economic Prospects

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International oil companies operating in Cuba are buoyed by a potentially transformative onshore discovery made on the Caribbean island.

Australian independent Melbana Energy, in partnership with Angola state-owned company Sonangol, have successfully unlocked oil in a block with two wells, suggesting a production development could be on the cards.

Melbana hailed the wells as a “tremendous success”, with the Alameda-2 well flowing at rates of 1,903 barrels of oil per day.

The finds have sparked new interest in Cuba, and the country’s state-run company, Cupet outlined potential plans that could soon be explored.

Source : RJR News