• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 6 hours Oil prices going Up? NO!
  • 2 days Could Venezuela become a net oil importer?
  • 8 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 7 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 days Gazprom Exports to EU Hit Record
  • 12 hours Oil prices going down
  • 15 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 days Oil Buyers Club
  • 2 days Why is permian oil "locked in" when refineries abound?
  • 14 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 6 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 12 hours Saudi Arabia turns to solar
  • 2 days EVs Could Help Coal Demand
  • 3 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 14 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
Oil Markets Turn Bearish Ahead Of OPEC Meeting

Oil Markets Turn Bearish Ahead Of OPEC Meeting

Oil prices fell on Tuesday…

OPEC+ Proposes 1-Million-Bpd Production Increase

OPEC+ Proposes 1-Million-Bpd Production Increase

The joint ministerial monitoring committee…

Cuba Eager to Develop Offshore Oil Reserves

Cuba Oil

Cuba is seeking foreign investments in its oil industry, with a particular focus on offshore drilling, a senior government official said this week. At the moment, about 50 percent of the island’s demand is being satisfied by local production, but plans are to raise this substantially in the near term, the deputy general director of state-owned company Cuba Petrol Union (CUPET), Roberto Suarez, said.

Currently, CUPET pumps around 4 million barrels of oil equivalent a year, with the oil used for power generation. Almost all of Cuba’s natural gas output, 97 percent, is utilized as heating fuel and power generation.

After the U.S. lifted its trade embargo on the island, Cuba’s government has wasted no time in trying to attract foreign investments that are vital for the development of its energy industry, among all others.

What the island has to offer is total undiscovered technically recoverable reserves of 4.6 billion barrels of crude oil, 9.8 trillion cubic feet of natural gas and 900 million barrels of natural gas liquids, based on 2004 estimates by the United States Geological Survey (USGS). The country has, almost like clockwork, produced about 50,000 barrels of liquids per day, most from the coastal reserve areas east of Havana.

Related: Will Lebanese Oil And Gas Ignite The Country?

One of the few oil companies exploring for oil in Cuba, Australian Melbana Energy, earlier this month said it has revised up its estimates for onshore oil reserves on the island, and substantially. Now Melbana believes there are 612 million barrels of oil in its Block 9, almost double the earlier estimates.

Other foreign companies, including Russia’s Zarubezhneft and Spanish Repsol, have drilled in Cuba’s portion of the Gulf of Mexico but so far, no commercially viable finds have been made.

Recent discoveries in Cuba’s shelf were made, according to Suarez, in the North Belt: a 200-km-long offshore area east of Havana, which is divided into 45 blocks. CUPET is looking for bidders for these blocks as well as partners that will bring in new technologies to its oil industry.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com: 



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News