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Cuba expands business opportunities in oil sector

Cuba expands business opportunities in oil sectorHAVANA, Cuba, Jan 3 (ACN) The 3rd Annual Cuba Energy, Oil and Gas Conference in 2019 showed signs of interest from new investors and the expansion of business opportunities.

The two-day meeting, held last November at Havana´s Melia Cohiba Hotel, concluded the first round of bids jointly with the Chinese company BGP, launched in London and promoted in Beijing, China´s capital.
Juan Andres Barrizondo, exploration manager of Cuba Petroleo (CUPET by its Spanish acronym), said that on this occasion 24 blocks were covered in the Exclusive Economic Zone of the Gulf of Mexico, in deep waters and with wide perspectives.
He also stated that Cuba has a fully functioning oil system, so "we are looking for investors so that their high-tech equipment can drill, explore and confirm the resources in the area".
For his part, Pedro Arturo Sorzano, CUPET general manager, announced that the round will be extended until 2021 due to the interest and possibilities of oil companies in the area and the signing of partnership contracts.
CUPET, with an estimated seven billion barrels of oil at its sites and highly prospective but underdeveloped fields, is leading a new push in the oil and gas sector, crucial for the country, according to experts in the subject.
According to statistics, Cuba produces about three million tons of crude oil and another million of gas equivalent annually, but the aim is to change the energy matrix due to its dependence on fossil fuels, increasing the use of renewable energy sources.

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