A one-time Macquarie banker claims he found oil worth $30b in Cuba
Little-known Sydney-based company Melbana began production on Wednesday at what could be a large oil field on the north coast of the Caribbean country.
Andrew Purcell, a former junior Macquarie investment banker, said that the energy company he chairs began pumping oil from a well in Cuba this week, a step towards obtaining the 267 million barrels his geologists estimate could be extracted from the field.
At 80 per cent of current prices – a discount applied because of the Cuba government’s control of oil prices in the Caribbean communist nation – the little-known, Sydney-based Melbana Energy’s oil discovery on Cuba’s northern coastline is worth about $30 billion.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In North America
Fetching latest articles