The head of the Exploration Group of the Cuban Petroleum Union (Cupet), gave the master lecture on ‘Hydrocarbons Potential Updating of the Cuban Exclusive Economic Zone in the Gulf of Mexico (ZEEC-GOM)’, in which he stressed that crude oil presence has been found in four wells.
He stated that these outcomes support the existence of the so-called black gold in the offshore waters of this area, in which foreign investment is quite essential and also referred to the strategy adopted by Cupet to boost oil production in Cuba, which is concentrated on some oil reserves drilling in Seboruco and Varadero, the northern strip of the western zone + reported that in conjunction with the participation of foreign and Cuban companies, they are carrying out various basins on the island.
Since the end of 2016, an oil exploration campaign has begun to drill new structures, which account for significant investments – at least US $ 17 million – while they are planning to started off on this kind of works in areas far away from the north coast close to Puerto Padre, in the province of Las Tunas.
In addition, over 70 young Cubans are trained in postgraduate and masters courses, which will provide some results in the next five years.
(1) Cuba-Petróleo (CUPET) is the Cuban state organization authorized to establish relationships with foreign oil companies to explore and produce hydrocarbons in the Republic of Cuba and in its Exclusive Economic Zone (EEZ), by own means or together with foreign companies. Has business and training agreements with the following countries: Business: Canada, Venezuela, Angola, Russia, China, Vietnam Training: Canada, Mexico, Venezuela, Trinidad and Tobago, Brazil, China, Argentina, Norway. International Economic Associations Sherritt International Cuba Established in 1992, Sherritt’s Oil and Gas operations in Cuba have grown from a modest oil recovery program to an intermediate exploration and production business that contributes significantly to the success of the Corporation.