Cuba Prioritizes Foreign Investment in Energy Sector

Havana, Sept 27 (Prensa Latina) Cuba”s energy sector and, within this, the oil and gas industry, are some of the economic fields prioritized by the Cuban government for foreign investment and international cooperation.

Roberto Suarez, deputy general Manager of the Cuban-Oil Union (CUPET), reported so during the opening of the International Conference on Oil and Gas, which is being held here with the participation of some 250 experts from the Americas, Europe and other continents.

Suarez stressed that energy security is one of the fundamental pillars of the economic development of the Caribbean nation, and recalled that the Cuban oil industry was a pioneer in the country in the assimilation of foreign investment.

From the early 1990s to date, over 45 international economic association contracts have been signed in their different modalities and in all branches that comprise our industry, he highlighted.

The official underlined that this accumulated experience, along with the measures taken by the government, including the most recent legal framework for foreign investment, make the sector a safe and attractive destination for investment projects.

In this regard, he mentioned advantages such as the priority and support provided by the State, the political and social stability offered by the country and the existence of competent and prepared human capital with a high educational level.

He also referred to CUPET’S experience as a partner for over 26 years and the existence of a productive infrastructure and services.

CUPET grants special priority to the projects of exploration and production of resources in the blocks of the Exclusive Economic Zone; shallow waters; earth blocks; to projects for the improved recovery and increased production in improved fields; and the exploitation of non-conventional resources, the engineer said.

He pointed out that among the priorities are development projects; the oil infrastructure; the introduction of new technologies in the exploration, drilling and production of oil and gas; as well as the development of specialized services for this complex industry.

The energy industry faces global challenges today, including challenging periods of low prices and instability for the main products, the boom natural gas and its weight in the global energy matrix, the production of renewable energy sources and the cumulative effects of climate change, Suarez said.

The conference will close tomorrow at the Melia-Cohiba Hotel in Havana, and includes a tour of CUPET’s facilities in Matanzas province, 180 kilometers east of Havana.

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