MINBASMinisterio de la Industria Basica (Cuban Ministry of Basic Industry)
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MINBAS officials say domestic production has saved the country US$650 million in imported oil in the past eight years.
In March, MINBAS announced the opening a 112,000-sq meter offshore zone for foreign participation.
At a news conference announcing the offering of profit-sharing joint ventures to foreign firms, MINBAS Vice Minister Tomas Benitez said he was satisfied with the initial interest shown.
MINBAS described the joint-venture investments in the zone as risky, but said exploration is attractive because the zone adjoins fields with known oil reserves and because of the ready market in Cuba and nearby Caribbean islands.
Meanwhile, MINBAS officials believe the potential yield is large.