                12/30/93     PETROLEUM NEWS & QUOTES

      The  French oil company Geopetrol believes that Cuba is likely to find
further oil deposits on its territory, given its position  in  the  Gulf  of
Mexico and the geophysical characteristics of its soil.
   Jean  Louis Remondin, a senior manager with Geopetrol, said his company had
signed a contract with Cupet, a Cuban corporation, to undertake exploration of
a 1,600 sq. km area located to the west of Havana. Remondin also  mentioned  a
new  contract for increasing production from wells at the Martin Mesa field in
Mariel, 45 km west of Havana.
   In addition to offering foreign oil  companies  contracts  to  explore  new
deposits,  the  Cuban  government  has  also been offering contracts to revive
existing reserves.  This strategy has enabled Cuba to increase its  production
of  crude  from  882,000  tons  in 1992 to more than 1 million tons this year,
despite of the oil's heavy quality with a high sulphur content,  which  limits
its use as fuel.

     INT'L SPOT MARKET               THURSDAY       WEDNESDAY
  UAE'S DUBAI LIGHT CRUDE         $12.05-12.15   $12.33-12.35
  NORTH SEA BRENT CRUDE           $13.10-13.14   $13.35-13.40
  WEST TEXAS INTERMEDIATE CRUDE   $14.15-14.20   $14.45-14.50
  LIGHT LOUISIANA SWEET           $14.30-14.35   $14.60-14.65
  NORTH SEA BRENT, (IPE) JAN      $13.25         $13.50
             SPOT MARKET  (PER 100 GALLONS)
  UNLEADED GASOLINE (GULF)        $37.20-37.40   $37.79-37.99
  NO. 2 HEATING OIL (NY)          $44.31-44.51   $44.97-45.17
