Cuba Promotes Oil Potential in International Event

Havana, Feb 11 (Prensa Latina) Cuba promoted its oil producing potential in an international event held this week in Havana with the participation of representatives from 15 countries.

The 2017 Cuba Oil and Gas Summit took place last Wednesday and Thursday at the Tryp Habana Libre Hotel. The program included a visit to the oil field of Varadero, Matanzas (180 kilometers east from the capital).

Cuba has an oil producing potential, as shown by the continuous presence of important companies such as the Sherritt International Corporation and the Melbana Energy, said Cuban expert Jose Orlando Lopez, working for the Cuba-Petroleo Union (Cupet).

‘The Cuban oil fields have wide prospects of developing since the are located in the mega-basin of the Gulf of Mexico, a part of the world where oil is almost everywhere,’ Lopez stated.

‘We have made geological studies and compare the kinds of oil from Cuba to those of other countries in the area, such as the US and Mexico, and we share similarities, a common geological history and source rocks,’ he said.

López denounced that the Cuban oil industry has been one of the targets of the US blockade, and there are many examples to quantify the damage that policy has cause.

‘We have been prevented from acquiring new equipment, we have bought software and the licenses removed from us, and US companies interested in investing in the island are banned from engaging the oil business in Cuba,’ he pointed out.

Executives of 70 gas and oil companies from 15 countries, among them Russia, China, Italy, India, France, United Kingdom, as well from Latin America and North America attended the Oil Summit.

During the event, organized by International Research Networks with the support of Cupet, Cuba presented many investment opportunities in its hydrocarbon industry, as well as exploration and production projects, the petrochemical market and oil refining.

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