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  • Writer's pictureNigel Rushman

Cuban Oil Discovery

Melbana in Cuba has made a very significant oil discovery, which could make a substantial impact on Cuban finances.

Rushmans is proud of its role with LGC in Havana. LGC financed the early stages of Melbana when no one else would in the face of the oppressive US embargo.

This find of 12.7 billion barrels of Oil-in-Place with prospective resources of 637 million barrels is certainly the biggest in decades and if developed will enable Cuba to get nearer to self-sufficiency in oil terms. Conservative estimates show that Cuba could even become a net exporter.

We have a long term belief in Cuba and although forced to suspend our operations in Havana, we have every intention of returning to our programme of the monetisation of Cuban assets and entrepreneurial projects for the benefit of the Cuban people.

The direction of travel with Obama gave us much cause to be hopeful but Trump turned out to be no friend of Cuba.

The last 12 months have continued to leave us feeling disappointed in Biden on so many fronts but the ongoing persecution of Cuba, in spite of the views of the rest of the world is something that we have found most surprising.

We remain optimistic that will stop. Cuba will prosper, Melbana will deliver and we will find more projects to enrich the people of Cuba.

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