India, Norway join Spain in Cuba oil prospect (9.3 billion barrels est.)

[Mika]

India, Norway join Spain in Cuba oil prospect
http://news.moneycontrol.com/india/news/business/indianorwayjoinspaincubaoilprospect/resultsviewsipomfinsurancetaxnriinterviewsceocommentspressreleases/market/stocks/article/5085/999999

Spanish oil company Repsol YPF teamed up on Tuesday with Norway's Norsk Hydro and India's ONGC Videsh to explore six offshore blocks in Cuban waters where good-quality oil was found two years ago, reports Reuters.

The prospect of finding commercial quantities of oil in Cuban waters of the Gulf of Mexico at a time of soaring prices has set off a political debate. Whether U.S. companies, sidelined by American sanctions against Cuba, should be allowed to explore there.

Under the deal signed with Cuba's state-owned Cuba Petroleo (Cupet), operator Repsol will have a 40-percent share in the project, while Norsk Hydro and ONGC Videsh will each have 30 percent.

-

Repsol found good-quality light oil in mile-deep (1.6-km) waters of Cuba's economic exclusion zone in the Gulf of Mexico in 2004, but not in commercially viable quantities.

The U.S. Geological Survey estimated last year that the North Cuba basin could contain some 4.6 billion barrels of oil, with a high-end potential of 9.3 billion barrels."Our technical people see this as a good prospect," said Uttam Sengupta, senior vice president of ONGC Videsh, the overseas subsidiary of Oil and Natural Gas Corp., India's largest integrated oil and gas company.

More at.. http://news.moneycontrol.com/india/news/business/indianorwayjoinspaincubaoilprospect/resultsviewsipomfinsurancetaxnriinterviewsceocommentspressreleases/market/stocks/article/5085/999999



Typical of an oiligarchy.. US repuke (Larry Craig, R - Idaho) seeking excpetions to Cuba embargo for OIL.

[NJCher]

1. this cracks me up

First Chavez, now this.

Yeah, American politicians and "deciders" of our horrible foreign policy: sometimes the tables turn. Now look at where the oil is at.

Irony rules.




Cher

[formercia]

5. Trail of Tears

When the Cherokees were forcefully death marched to Oklahoma from Georga and the Carolinas, they wound up on what was thought to be one of the most desolate bits of US territory. Unknown to the authorities, they had been placed on one of the first great crude oil deposits that would turn the United States into an oil based economy.

[leesa]

2. So THIS is why Norway needs to be brought in line.

I guess the bad karma we deserve will be to lose ALL oil access throughout the world.

[Ganja Ninja]

3. Of course we can always make exceptions for oil companies.

Whatever oil companies want, oil companies get. Everyone else can go to hell.

[Tempest]

4. U.S. Ambassador to Norway: Are you friendly or not?

"After five months as Ambassador, a basic question keeps nagging at me: What kind of relationship do Norway and the United States really want in this 21st century? Times and interests change. People and countries change. Maintaining any relationship, personal or national, demands a conscious effort to evaluate, and then adjust to current realities. So - what do Norway and the U.S. want of their relationship in this new century?"
http://www.dagbladet.no/download/NobelSpeech.doc


Norway needs to tell this asshole to fuck off.

[formercia]

6. Welcome to the New World Order

Beware of what you wish for......:evilgrin:

And so for the Law of unintended consequences....

[Vogon_Glory]

15. Repudlicans Don't Believe In Unintended Consequences

Repudlicans don't believe in unintended consequences--when they're in charge. Tax cuts causing budget deficits? Nah. Wars and more tax cuts swelling the deficit? Nah. Abstinence-only curricula increasing US venereal disease case load? Nah.

Imposing sanctions on European Union member Norway because they want to drill in Cuba? Nah.

[MrPrax]

13. LOL...

Great minds think alike...

Yes, probably a few might have caught that thread where one assumes that the good AmbASSador Benson K. Whitney must have left that part out...

"So, yes, I strongly believe that Norway and the United States must re-commit to this special relationship. The world needs it and our values demand it. We should not shy away from tending our Guardian Tree. Let us choose our friendship, not just in memory of the past, but in hope for the future. Let us make our relations a true “Partnership for the 21st Century.”

Thank you.

Oh before I go I should mention that your new leftwing commie terrorist government is involving itself in a Cuban oil deal; I speak for America when I say--don't do it or else you'll be sorry"

[rodeodance]

7. really is hypocritical-all of a sudden Craig wants an exception.

[Judi Lynn]

8. Goes to show you Republicans are truly diseased.

Why would ANYone dream it's o.k. to continue strangling a tiny country over 45 years, but to open the door only wide enough to enrich the oppressor? Good gawdalmighty.

Time for a brainscan for Larry Craig (in the middle). (Oddly enough, when Ashcroft was Missouri's senator, he favored dropping the embargo.)



"The "Singing" Senators!"

[ronnie624]

12. What a repulsive trio!

Sen. Larry Craig, an Idaho Republican, last month complained that energy-hungry China could gain access to oil "within spitting distance" of the United States. He introduced legislation that would seek an exception to the trade embargo for U.S. oil companies so they could drill in Cuba."The U.S. industry thinks it is too bad they cannot compete so close to their own turf," Gloppen said.

I'm certain Sen. Larry Craig sees not the slightest bit of irony or hypocrisy in his position.

[cliss]

9. OMG...picture this for a minute....

India, Norway & Spain start drilling right outside Cuba. The US is not allowed to prospect there because of Cuban waters.

Soon, they strike the Mother Lode. They start filling up tankers. As they sail past the US, they hang a banner on the ship. It says "Hey Jeb, look what we found!"

On the deck, there are dancing shows, tumbling acts, fireworks shot off the bow. Oh, I can only imagine the thermonuclear meltdowns in Washington over this.

[Jacobin]

10. There is also lots of oil and gas off the coast of Florida

But Jebbie and the beach condo people don't want to spoil their views by having oil rigs on the horizon. They'd rather blow up brown people and steal their oil from the desert.

[Mika]

14. Actually, its the oil companies who don't want more oil on the market.

More supply means lower prices. The major oil companies (& BushCrimeInc) don't really want this.

Using environmentalism has always been an excuse for big oil to keep the prices high. Therefore, Big Oil likes environmentalists outcries and feigns outrage.

Remember: Black is white. Freedom is slavery. War is peace.

See this archived DU thread: Chevron Memo Raises Suspicion

[Odin2005]

11. How long before * starts saying Castro has WMDs?

[steely]

16. Sounds like a good example of the free market economy to me!

You taught them well George.

[VegasWolf]

17. I guess this means that Norway is now part of the AXIS OF TERROR!! nt