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Ocean currents practically assure that a big spill in one Caribbean nation would significantly affect neighbors, possibly even the U.S. East Coast. Many Gulf communities are still recovering from the Deepwater Horizon accident, the country's largest offshore oil spill. "If oil rises to the surface and gets to the surface currents, it would start flowing towards our waters and our shores," said Capt. John Slaughter, chief of planning, readiness, and response for the U.S. Coast Guard's Miami-based 7th District. "We're going to take every action we can to prevent that from happening." Adding to complications, the overall Caribbean region, with the exception of Trinidad & Tobago, is still an uncertain frontier for offshore oil and gas, said Jorge R. Pinon, a Latin America and Caribbean energy expert at the University of Texas in Austin. Cuba, for example, authorized exploratory drilling for ultra-deep deposits estimated to hold 5 billion to 9 billion barrels of oil, but its dreams were put on hold last year when three initial exploratory wells were unsuccessful and the massive platform that drilled them sailed away, with no scheduled return date. "Lots of work remains to be done in seismic studies to really understand the complexity of the region's geology and to see if the possibility of commercial hydrocarbon reservoirs exists," Pinon said. Such doubts, however, have mostly been cast aside in the face of oil prices topping $100 a barrel. And Caribbean governments are trying hard to lure more oil companies to take the expensive gamble of dispatching offshore drilling rigs, which can cost up to $500,000 per day to operate.
In Guyana and Suriname, officials are busy licensing deals and offering concessions in a long-ignored basin the U.S. Geological Survey last year estimated to have "significant undiscovered conventional oil potential." Exploratory drilling in deep waters has already begun off Guyana, where last year an international consortium moved to cap a high-pressure well at a subsea depth of 16,000 feet (4,876) meters over safety concerns. Several oil companies still believe the area is promising, and Spanish energy company Repsol and the U.K.'s Tullow Oil PLC are negotiating new licenses, according to Guyana Natural Resources Minister Robert Persaud. Exploratory wells also were sunk last year in waters off the Caribbean coast of Colombia. "I can tell you now that the basin is getting very, very crowded. But we have some unused blocks to give," Persaud said. With so many countries hoping to strike it rich, Hunt forecasts interest by major oil companies only will be growing. "The Caribbean is no longer kind of the forgotten basin," he said. "I think it is going to become a prominent player in deep-water drilling."
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