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More Oil for fidel?
Wednesday, September 21, 2005 By: Juan Paxety
India's oil company gets rights to leases
ONGC Videsh Ltd, an arm of the Indian state oil and natural gas company, has acquired a stake in Cuban oil and gas blocks - projected to hold more than 4-billion barrels of oil and gas reserves. Asia Times Online reports it's the first foray into Cuba for the company.
"With proven presence of petroleum system in Exclusive Economic Zone, Cuba, the area has drawn attention of many international oil companies. The blocks have a good potential and is especially significant for OVL as it would open door for other opportunities in the Latin American Hydrocarbon sector. With this acquisition, the company is now present in 13 countries," OVL chairman Subir Raha said.