Follow us: Entypo-facebook Entypo-twitter

CM-web-Banner-2014-b

Focus away from deepwater oil exploration in Cuba

For many years Cuba dreamt of finding deepwater oil reserves in its waters; but lack of interest from investors has moved the focus back on improving the efficiency of its onshore wells as well as concentrating on renewable energy sources.

To the north of Cuba lies a heavy oil belt, 200 miles long; but so far it has produced only poor quality oil from three fields. Various surveys suggest there could be anything from 124 million barrels to 1.1 billion barrels; but after exploratory wells drilled in 2012 were dry, interest has waned. The Cuban government has announced total oil reserves of around 20 billion 
barrels, mostly offshore.

Cuba is trying to become more energy independent as it currently imports two-thirds of its oil requirements from Venezuela – hence the new focus on renewables. Cuba is planning large-scale investment – as well as seeking foreign investment – in alternative energy over the coming years while also improving the yield from its existing onshore oil wells.