Cuban off-shore oil drilling put off until 2009

HAVANA, April 16 (Reuters) - Cuba's minister of basic industry said plans by a consortium of companies to drill in Cuba's Gulf of Mexico waters this year have been rescheduled for 2009, the country's state-run media said on Wednesday.

"In the Gulf of Mexico we are doing seismic studies and our perspective is we should resume drilling in the area next year," Basic Industry Minister Yadira Garcia was quoted by the official Juventud Rebelde newspaper as stating.

Garcia said last year that drilling by a consortium led by Repsol-YPF (REP.MC: Quote, Profile, Research, Stock Buzz) of Spain would begin in 2008, if a rig could be rented.

Interest in Cuba's Gulf of Mexico blocks picked up after Repsol discovered a small deposit of light oil in 2004 that was not commercially viable.

Repsol has since joined forces with Norsk Hydro (NHY.OL: Quote, Profile, Research, Stock Buzz) and ONGC Videsh (ONGC.BO: Quote, Profile, Research, Stock Buzz) of India.

Seven foreign companies have signed exploration agreements with Cuban state oil company CUPET for 28 of the 59 blocks available in the deep Gulf of Mexico waters of Cuba's economic exclusion zone fronting the United States.

The director of exploration for CUPET said this week activity was picking up in Cuba's deep waters.

"Right now seismic studies are under way on 2,300 square kilometers and very soon three-dimensional studies will begin on 4,500 square kilometers in the Gulf of Mexico," Rafael Tenreyro said.

The Repsol well was the first to be drilled in the area since Fidel Castro's 1959 revolution.