Reprinted from Caribbean Net News
caribbeannetnews.com

Indian oil company may buy stakes in Cuban oil fields

Wednesday, September 20, 2006

by: Manash Goswami and Pratik Parija

NEW DELHI, India (Bloomberg): Oil & Natural Gas Corp., India's biggest oil explorer, may bid for stakes in oil fields in Cuba, Chairman R.S. Sharma said.

The government-owned explorer may bid for the stakes with overseas state-owned companies from countries such as Cuba, Sharma told shareholders at an annual meeting in New Delhi on Tuesday.

By purchasing stakes in oil fields overseas, Oil & Natural Gas will help the South Asia nation, which is Asia's third-biggest oil consumer and imports about 70 percent of its oil requirements, reduce overseas purchases and cushion consumers from rising prices.

Oil & Natural Gas this month won permission from Cuba to drill for crude in its waters. The Indian company will seek oil in the N-34 and N-35 blocs of Cuba's economic exclusive zone in the Gulf of Mexico.

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