Cuban and foreign experts highlighted on Wednesday the importance of the Gulf of Mexico as a regional oil area of potential economic interest.

This thesis was put forward by experts from Mexico, Cuba and Canada during the 1st Congress on Oil and Gas, currently in session in the Havana Convention Center.

Speaking before delegates from 19 countries, Mexican Emilio Miranda explained that only the external limits of the Gulf have been systematically explored in its coastal plain and continental platform so far.

Also Mexicans Arturo Arvate and Felipe Ortuno, and Cuban Mario Ramirez agreed that scientific, technological breakthroughs in hydrocarbon exploration in the last decades gave way to new concepts in geodynamics.

According to them, there is potential for the existence of large oil fields in Cuba’s exclusive economic zone in the Gulf of Mexico.

Geological research deep in the area enjoys the advantages of being reached by current technology, attractive terms of contract and full support from the Cuban government, according to specialists.

Cuba’s minister of Basic Industry, Yadira Garcia, said in the opening session on Tuesday that the government is promoting a program for deep-water oil exploration with foreign investment.

She added that oil exploration under risk contract agreements and the introduction of spearhead technology are main aspects that characterize work in the sector.

This led to a six-fold increase in the country’s crude production in 1991-2004 and a 17-fold increase in natural gas, she said.

There was an increase in the use of natural gas in power generation and domestic consumption, which contributed to curb pollution and recover sulphur in the process.

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