After more than 40 years of diplomatic stalemate, relations between the US and Cuba could be transformed by the development of potential oil and gas plays off Cuba's coast.

Such was the claim of Kirby Jones, president of the consultancy group Alamar Associates, who told the Energy Tribune: "For the first time in 50 years, Cuba would have something the US needs, something of strategic importance."

However, he added that a multitude of foreign oil companies already have ties to the Latin American island nation and as such, Cuban authorities may take the view that they can move forward with exploration without US assistance.

For the companies involved, oil and gas training and technology transfer are likely to be key bargaining chips as the country will need to overcome an acute skills deficit.

The country's state oil firm Cubapetroleo announced earlier this year that it plans to drill seven exploration wells in the Gulf of Mexico by the end of 2012, using a new Chinese deepwater rig.

Oil and Gas Directory: Training and Development