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China targets Cuba’s oil in CNPC-Cupet trade agreement

28th July 2014

CNPC have announced the signing last week of a major oil deal with Cuba’s state-owned oil company Union Cuba Petroleo (Cupet), to help the Latin American country exploit its offshore reservoirs in exchange for increased crude exports to China

China targets Cuba’s oil in CNPC-Cupet trade agreement
CNPC will help Cupet to lower operation cost of some existing oilfields and enhance crude production and recovery

On July 22 in Havana, Cuba, in the presence of Chinese president, Xi Jinping, and Cuban president, Raul Castro, CNPC vice president, Wang Dongjin, and general director of Cupet, Juan Torres Naranjo, signed a framework agreement on increasing crude output and production sharing, and a cooperation agreement on drilling services.

Under the agreements, CNPC will help Cupet to lower operation cost of some existing oilfields and enhance the crude production and recovery, and meanwhile provide 9,000-metre drilling rigs and supporting services to facilitate the exploration and development of Cuba's offshore oilfields.

CUPET is a Cuban state-owned oil company. Its priorities include exploration and development of new oil fields in the Cuban shelf area, production increase at producing fields, reworking of suspended wells, and increase in refining capacity.

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