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Cuba's Oil and Gas Landscape

Potential in Cuba

With Cuba’s estimated seven billion barrels of oil in place and highly prospective yet underdeveloped fields - through this year’s conference, CUPET will continue with its drive to boost the oil and gas sector that is so crucial to the country. The unique investment opportunities in Cuba are presented throughout its rapidly developing vibrant energy, oil and gas sectors and this will lead the agenda for the 2019 conference. Learn More

In figures:

  • Oil eqivalent: Aproximately 4 million tons per year (25 million barrels per year)
  • Raw Oil: Aproximately 3 million tons per year (19 million barrels per year)
  • Natural Gas: Aproximately 1,100million cubic meters per year

 

Relaunch of Cuba's Offshore Oil Exploration

CUPET has continued with hydrocarbon exploration efforts, both on and offshore. Among these actions excels the biggest ever offshore 2D Multi-Client survey acquired by BGP Offshore in the Cuban Economic Exclusive Zone. Newly released 26,880 km of 2D PSTM and PSDM data are available to license from BGP, including 21,000 km in the Cuban sector of the Gulf of Mexico.

Preliminary results revealed deep and high-quality information under the sea bed. These results allowed re-evaluation of hydrocarbon potential and mapping new exploration opportunities in this sector.

In 2018, as part of Cuba Energy 2018, CUPET and BGP opened a data-room and announced an international bidding round for available offshore blocks in Cuban Economic Exclusive Zone.

 

INVESTING IN OIL and GAS IN CUBA: ADVANTAGES

  • Availability of skilled workforce
  • CUPET partnering experience
  • Government support
  • Political stability and fiscal regime
  • Low operating cost
  • Proven petroleum system potential resources in place
  • Anticorruption standards and policies
  • Existing service and logistics infrastructure