Analyst sees new Cuba oil search focus

Cuba's second oil development program seems to focus more on the known than unknown, Cuban energy expert Jorge Piñón told BNamericas.

The analyst highlighted the enhanced oil recovery (EOR) terms of an agreement signed between the island's oil company Cupet and Russia's Rosneft during President Vladimir Putin's visit.

EOR is envisioned for the mature Boca de Jaruco coastal field and deepwater block N37, which Petrobras returned in 2011, said Piñón.

"We will also have to see if [Russia's] Zarubeshneft returns to block L, another block surrendered by Braspetro in the early 2000s," he added.

Cuba produced some 50,000b/d crude oil and consumed just over 170,000b/d in 2013, according to the US Energy Information Administration. Cuba imports most of its oil from Venezuela.

The US Geological Survey's mean estimate for undiscovered oil reserves in the north Cuba basin is 4.6Bb, while the island's state oil company Cupet estimates all the country's offshore basins could contain in excess of 20Bb of undiscovered oil reserves. Proved reserves stand at around 124Mb.

BNamericas will host its second LatAm Oil & Gas Summit in Houston, Texas, on September 10-11. Click here to download the agenda.