Cuban First Vice President (and Castro heir apparent) Miguel Diaz Canel, who has been on a whirlwind tour of sub-Saharan Africa this week, is reportedly set to visit India next, and finding partners to drill for oil off the country’s north coast is among the agenda items. India’s Financial Express reports today that Diaz will likely meet with India’s government-owned exploration company, OVL and try to get them interested in working in Cuba again.
OVL used to own a 100% interest in two deepwater blocks covering 4,300 square kilometers in Cuba’s Exclusive Economic Zone as well as a partial stake in two blocks with Spain’s Repsol and Norway’s Statoil, but abandoned those stakes after several unfruitful years and $47 million in outlays — partially, the paper says, because of American sanctions on Cuba. The waters off Cuba’s north coast have long been considered promising to oil companies, but few have been willing to invest much for fear of drawing the ire of U.S. officials.
1- Image was taken by spiraxsarco