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Post by @CubanWindow

With Info From:

Last week took place in Cuba the Oil & Gas 2017 Summit with more than 250 participants and countries as Canada, United States, Mexico, Venezuela, Brazil, Argentina, United Kingdom, France, Italy, Germany, Spain, Russia, China, India and Australia.

 

Organized by Britain’s International Research Network (IRN), with the help of Cuba’s state oil company, Cuba Petróleo (Cupet) (the company founded in 1992 has projected, in its plan through 2030, increasing production on land and in territorial waters, as well as raising the rate of recovery in existing fields – which is only between 6 and 7% – via the introduction of enhanced recovery technology; the exploitation of non-conventional fields; and the use of horizontal drilling to explore areas close to productive areas), the gathering attracted some 70 specialized companies – with presentations, discussions, negotiating sessions, and guided tours – to exchange information and offer a close-up look at the Cuban energy panorama, highlighting the opportunities made available through the new foreign investment law, number 118, approved in 2014.

“an event specifically for Cuba, because it appears to be the moment when the island has all the cards to attract investment, and no one wants to be left out. “ IRN’s business development director, Paola Galanti

Cupet is responsible for:

  • exploration and production of fuels
  • exports and imports
  • refining crude oil
  • fabricating oil-based lubricants
  • sales of gasoline and lubricants.

The new foreign investment law, including government support with fiscal and tax incentives, as well as the country’s political stability, security, energy potential, low costs of operation, and the existence of logistical infrastructure.

Before that, in the early 1990s, a new era in the country’s oil industry began and in 1995, tourism and the oil industry became pioneers in the opening of the country’s economy, although no 100% foreign-owned companies are accepted to operate in the petroleum sector.

Since then:

  • thousands of square kilometers have been seismically tested
  • dozens of wells have been drilled, both on land and in territorial waters
  • more than 42 contracts of various kinds have been signed with international companies.
  • Venezuela have been in Cuba since 2007 carried out intensive seismic testing campaigns, and continue to carry out studies

Country’s Global Energy Strategy

  • improve electrical infrastructure and install new thermal generating plants
  • Progress is being made toward meeting this goal with the construction of eolic and photovoltaic parks, and the use of sugarcane biomass.
  • the state oil company has achieved stable production, due fundamentally to the optimal exploitation of fields already in use, and adaptations made to address the natural drop in production of these long-exploited wells.
  • international investment in the Cuban oil industry is needed to expand storage capacity, specialized transport, and the transfer of fuels, as well as improved technology for the production of lubricants
  • prioritized is the search for long term financing to modernize Cuba’s four refineries, and the introduction of liquid gas in the generation of electricity in combined-cycle power plants.

Cupet, which manages 35 national companies and five joint enterprises with more than 63,200 workers, has already begun work on the extraction of non-conventional oil, dense crude found in highly porous rock above oilfields, which has been absorbed from deeper zones.

Cuba Exclusive Economic Zone in the Gulf has been open to investment since 1999, and includes an area even larger than the island itself

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  • almost all of Cuba’s oil production is concentrated in the Northern Coast Heavy Crude Fields, located in 750 square kilometers between Havana and the Hicacos Peninsula of Matanzas
  • experts nationally and internationally agree that the country’s Exclusive Economic Zone in the Gulf of Mexico “holds large reserves of petroleum and gas, and the discovery of important fields in the zone is probable,”

 

 

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