Updated Information on Cuba Mineral and Petroleum Resources Released

Updated Information on Cuba Mineral and Petroleum Resources Released
Released: 3/31/2015 10:40:22 AM

Contact Information:
U.S. Department of the Interior, U.S. Geological Survey
Office of Communications and Publishing
12201 Sunrise Valley Dr, MS 119
Reston, VA 20192 Steven Fortier
Phone: 703-648-4920

Christian Quintero
Phone: 813-352-3487

Cuba is among the top 10 producers of cobalt and nickel and has
significant other mineral and petroleum resources, according to a new
U.S. Geological Survey publication.
The report and accompanying map highlight the mineral resources
available in Cuba, as well as detailing locations of petroleum
exploration and development. The map also identifies mines, mineral
processing facilities and petroleum facilities as well as information on
location, operational status and ownership. It also addresses the
current status of mineral industry projects, historical developments and
trends of the Cuban economy with an emphasis on mineral industries and
the supply of and demand for Cuba's mineral resources.

"Cuba's geology is complex, and the country has a variety of mineral
commodity and energy resources," said Steven Fortier, Director of the
USGS National Minerals Information Center. "It is important that the
public and industry have the latest information on the status of the
mineral industry and the potential for natural resource development in
Cuba."

A few key points from the report are:

In 2013, Cuba was estimated to be among the world's top ten producers of
cobalt and nickel, which are the country's leading exports
Cuba's current crude oil and associated natural gas production from
onshore and shallow water reservoirs is approximately 50,000 barrels per
day of liquids and about 20,000 barrels per day oil equivalent of
natural gas
In 2013, the value of mining and quarrying activities accounted for 0.6
percent of Cuba's gross domestic product, compared with 1.4 percent in 2000
The value of production from Cuba's industrial manufacturing sector
increased by 88 percent between 1993 and 2013, whereas the sector's
share in the GDP decreased by 3 percent during the same period
reflecting economic growth in other sectors of the economy
In 2004, the USGS released an assessment of the hydrocarbons of the
North Cuba Basin and its three sub-basins. The total amount of
undiscovered technically recoverable resources was estimated to be 9.8
trillion cubic feet of undiscovered natural gas, 4.6 billion barrels of
crude oil, and 0.9 billion barrels of natural gas liquids. About 70
percent of this oil was estimated to be located no more than 50 to 80
kilometers (km) offshore along the length of the western and northern
coasts of the island. To date, deepwater drilling has resulted in no
commercially viable oil or gas discoveries.

Industrial minerals and manufactured industrial mineral products
produced in Cuba include ammonia and ammonia byproducts, bentonite,
cement, feldspar, high-purity zeolite minerals, gypsum, kaolin (a type
of clay), lime, high-grade limestone, marble, sand, sulfuric acid, steel
and urea. In 2013, an estimated 4,500 metric tons of zeolites was
exported to Europe and other Latin American countries and in 2014 the
majority of the country's ammonium nitrate was intended for export.

In 2014, Cuba's Ministry of Foreign Trade and Investment announced 246
development projects for which it sought foreign investment. The
petroleum sector offered the greatest number of prospective investment
opportunities followed by the manufacturing and mining sectors. In the
energy sector, the country is offering joint ventures in petroleum
extraction from onshore and offshore blocks and foreign investment
opportunities are being offered in biomass and solar energy production
and hydroelectric power.

The report 'Recent trends in Cuba's mining and petroleum extraction
industries' FS 2015-3032 is available online.
http://pubs.usgs.gov/fs/2015/3032/

Source: USGS Release: Updated Information on Cuba Mineral and Petroleum
Resources Released (3/31/2015 10:40:22 AM) -
http://www.usgs.gov/newsroom/article.asp?ID=4172&from=rss#.VRvh-_mUc3Q