Cuba Prioritizes Foreign Investment in Energy Sector

Havana,  (Prensa Latina) Cuba is currently prioritizing foreign investment in the energy sector, mainly in oil and renewable energy, according to official documents and statements.
Jesus Marrero, Business manager at Cuba-Petroleo Union Exploration and Production Group (CUPET), said recently that the country will begin the tendering of 24 oil blocks located in the Gulf of Mexico or Cuba’s Exclusive Economic Zone (EEZ) as of April 2019.

Cuba, which has 79 blocks available on land, shallow waters and the EEZ, will also tender other land projects in a second stage, as well as others related to the increase in production.

According to the official, exploration and production contracts, production improvement and non-conventional oil projects may be available on land, while exploration and production variants, and technical services, will be carried out in deep and shallow waters.

Several mapped prospects are located in Cuba’s EEZ, they are estimated to contain more than 10 billion barrels of extractable oil of good quality, the Cuban business portfolio says.

Projects to generate electricity by using biomass, biogas, solar energy, wind power and hydroelectric power plants are also present in the 2018-2019 portfolio of investment opportunities in Cuba.

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