Russia to Drill for Oil Off Cuba

(NEWSER) - Oil trapped deep in the Gulf of Mexico could help ease the US-Cuba trade ban and decades of strained relations, the Washington Post reports. With 5 billion to 20 billion barrels of crude lying untapped in Cuba's territorial waters, some experts argue it's time for US companies to help drill it. But Washington's JFK-era trade ban stands in the way. It would "be a sea change, literally and figuratively, for the Cubans," one US professor said. More»

Moscow seeks to extend influence in Latin America

(NEWSER) - Russian president Dmitry Medvedev is in Cuba strengthening ties with the Castro regime and attempting to broaden Russia's influence in Latin America, the BBC reports. Medvedev arrived in Havana yesterday from Venezuela where he and Hugo Chavez signed deals promoting nuclear energy and developing closer military ties. Russia is expected to sign an agreement with Castro to explore Cuban waters for oil. More»

Researchers say new discoveries more than offset worked-out fields

(NEWSER) - New oilfields being brought online more than offset losses from depleted fields, says an optimistic report released today. Though it cited an Iran-sized 4.5% annual loss, key oil industry adviser CERA contends “there is no impending short-term peak in global oil production," reports the Wall Street Journal. Researchers, however, had little access to fields controlled by OPEC and Russia. More»

Company teams with state-owned Rosneft for exploration

(NEWSER) - Exxon Mobil scored a major coup in the search for Arctic oil today, signing a deal with Russia to explore areas with state-owned Rosneft, reports Reuters . The deal gives Exxon access to spots controlled by Moscow in the Kara Sea, which has become a much sought-after region within the petroleum industry now that sea ice looks to be receding, notes the New York Times . More»

Interior Department issues report to push back against complaints

(NEWSER) - With oil companies and Republicans criticizing the Obama administration for being too slow to issue new offshore drilling permits in the wake of the Deepwater Horizon disaster, the Interior Department hit back with a report yesterday revealing that the industry isn’t using the majority of the leases it already has. More than 70% of offshore leases and more than half of onshore leases on federal lands currently “sit idle,” according to the report. More»