Cuba Hoping To Kickstart Offshore Oil & Gas Industry

The Cuban oil company Cubapetroleo, or Cupet, is close to a deal with Angola’s state-run Sonangol to get Cuba’s deepwater energy exploration program up and running three years after work was suspended because of failure to find any oil or gas.

A Cupet official told the British energy news service Argus Media that the two companies expect to begin operations next year on two of four areas of the Gulf of Mexico off the Cuban coast based on an agreement between Cupet and Sonangol signed in 2010. Cuba’s program of deepwater exploration was suspended after several foreign companies’ drilling efforts proved fruitless. Continue reading