Word: tenreyro
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...Obama, who is more open to dialogue with Havana, becomes the next President - now that Cuba's state oil company, Cubapetroleo, or Cupet, has announced a stunning new estimate of more than 20 billion bbl. bubbling off its shores. "This is not a game," Cupet's exploration manager, Rafael Tenreyro, assured reporters in Havana last week...
...Geological Survey (USGS), a government agency, made the initial estimate of 5 billion bbl.to 10 billion bbl. for Cuba's northwest offshore sector (known as the Exclusive Economic Zone, or EEZ) in 2004. Tenreyro says Cupet's analysis is based on what he calls a more accurate comparison of similar maritime oil fields like those off Mexico's Gulf Coast. "We're talking about that magnitude," he argued last week. "We have more data" than the USGS. But Cupet, an arm of Cuba's ultra-secret communist government, hasn't offered much more evidence than that. Chris Schenk...
...drill, however, it could more easily find other interested refinery investors, like Brazil. The question is whether the U.S. will want to step off the sidelines and get a piece of the action too. Kirby Jones, head of the U.S.-Cuba Trade Association and an embargo opponent, says Tenreyro's staff has been credible in the past, and he believes the new estimate is probably accurate. "So for the U.S., this becomes an 800-lb. guerrilla knocking on everybody's door," says Jones. "With that much oil, there would be the feeling that there's a real [U.S.] price...
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