Cuba Presents Investment Opportunities on Energy Industry

The Commercial General Manager of the Union Cuba-Petroleum (CUPET), Pedro Sorzano, said in statements to the press that thanks to the boost given to foreign investment, this enterprise is immersed in a negotiating process for the creation of joint ventures in key issues for economic development.

One of the negotiations, he said, is aimed at increasing fuel storage capacities in western Matanzas while another will help expand the gas supply network in central Cuba.

Those interested in partnering with the nation, he explained, have in this event an opportunity to know the future work perspectives we have in exploration and production as well as in refining and marketing.

Sorzano considered this meeting is distinguished by the launch of the bidding round to be held for oil exploration blocks from next April and in partnership with the Chinese company BGP.

The blocks to be auctioned, he added, are those located in the Gulf of Mexico where recently concluded an investigation, or 2D seismic, which updates the area information.

As part of the event, Sorzano added, a data room was opened where companies can see the progress of information acquisitions from the Gulf of Mexico.

This allows for a more in-depth study of our prospects for oil exploration in the Exclusive Economic Zone (EEZ), he noted.

According to the event, Cuba to date has a total of 79 blocks available and 9 under contract, spread over land, shallow water and the EEZ.

Notwithstanding the upcoming bids, the official said they also include as a business opportunity the study of the center-north eastern part, totally unexplored area, but with potentialities.

He also stated that we are looking for partnerships to apply methods to recover existing wells taking into account normal exploitation processes.

The Second Energy, Oil and Gas Conference, held since last Tuesday at Melia Cohiba Hotel, concluded on Friday.(Prensa Latina)