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Cuba has three producing offshore oil fields within 5 km of its north coast. [2] A 2004 partnership between Spanish oil company Repsol-YPF and Cuba's state oil company Cupet estimated Cuba's off-shore reserves to be able to ultimately produce between 4.6 and 9.3 billion barrels of crude oil. [3]
Following the successful Cuban Revolution (1953–59), a socialist state was established in Cuba. In total, Cuba nationalized roughly 6,000 American owned properties. [4] The many individual oil and gas facilities were compacted into a single, state controlled company, The Cuba Oil Union (Spanish: Unión Cuba-Petróleo).
In 2002, the company was separated from Plains Resources Inc. via a corporate spin-off. [3] In 2003, the company acquired 3TEC for $313 million. [4] In 2004, it and acquired Nuevo Energy for $945 million. These acquisitions gave the company petroleum-producing assets in the Southwestern United States and California. [5]
It is organized under Delaware state laws and headquartered in Dallas, Texas. It was founded in 1996 by Ray Davis and Kelcy Warren, who remains Executive Chairman. [2] [3] As of 2023, the company owns or operates more than 125,000 miles (201,000 km) of pipelines throughout the U.S., making it one of the largest midstream companies in the ...
Communist-run Cuba on Tuesday imposed sweeping price controls on all state and private businesses as it battles a deepening economic crisis and mounting U.S. sanctions. Resolutions published in ...
In 2015, a Dallas-based developer, Todd Interests, purchased the structure with plans to renovate the building and create 150 luxury apartment units. The project was slated to receive a 15,000 tax credit per unit from the Houston Downtown Living Initiative, a program designed to encourage residential development in the city center. [ 5 ]
The known petroleum deposits of Texas are about 8 billion barrels (1.3 × 10 9 m 3), which makes up approximately one-third of the known U.S. supply. Texas has 4.6 billion barrels (730,000,000 m 3) of proven crude oil reserves. [15] As wells are depleted in the eastern portions of the state, drilling in state has moved westward. [16]
In June 2000, the company announced that it will move its headquarters from Ardmore, Oklahoma to Houston, Texas. [6] In October 2000, Charles Davidson became president and CEO of the company. [7] By April 2002, the company had diversified into methanol and electricity production, and changed its name to Noble Energy, Inc. [8]