Total denies signing Cuba exploration agreement

Cuba

HAVANA, May 12, 2015 – Total has denied signing an agreement with Cuba for oil exploration in the country’s waters in the Gulf of Mexico, contradicting earlier reports.

“Total categorically denies it has signed an offshore exploration agreement with Cuba,” a spokesman for the company told the Reuters news agency on Tuesday. Total has no existing Cuban exploration activities.

Cuban state-run television said on Monday the French super-major had signed an agreement for offshore exploration with state-owned CubaPetroleo. It did not provide details of the deal.

The Cuban announcement followed a visit to Cuba by French President François Hollande and a delegation of French executives. President Hollande’s trip was the first visit to Cuba by a European leader since 1986 and came amid moves by the US to open up relations with the Caribbean country, which has been under an embargo by Washington for decades.

Cuba maintains that its exclusive economic zone off the northwest coast contains more than 20 million barrels of oil. The US Geological Survey, however, says the area holds just 5 billion-7 billion barrels. Last week, Cuba released data it said proved its claims.

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