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Cuba claims oil jackpot

IT HAS faced almost half a century of sanctions from the US, but last month the country claimed it could be sitting on oil reserves that surpass even those of its neighbour to the north. At a conference in Havana, Rafael Tenreyro Perez, the exploration manager for state-owned energy firm Cubapetroleo said the country's oil reserves could be more than 20bn barrels. If true, it would double previous estimates of the offshore potential. The US Department of Energy's Energy Information Administration last year estimated the country's reserves to be just 0.75bn barrels. The US Geological Survey has been more optimistic, saying the North Cuba basin could hold up to 9.3bn barrels and 21.8 trillion

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