Rosneft, Cupet Agreed on Cooperation at Brownfields in Cuba
OREANDA-NEWS. July 14, 2014. Head of Rosneft Igor Sechin and General Director of Union CubaPetroleo (CUPET) Juan Torres Naranjo signed in Havana the Agreement on Cooperation in the Area of Enhanced Oil Recovery at Brownfields. The Agreement was signed in the presence of the Russian President Vladimir Putin and the President of the State Council of Cuba Raul Castro.
The document provides for the joint activities concerning comprehensive studies of field development and well production conditions in the territory of Cuba. The purpose of the studies is to identify options to optimize oil production processes, improve well stock operating efficiency and performance of enhanced oil recovery activities.
Igor Sechin is participating in the series of bilateral talks during Vladimir Putin's visits to South American countries.
Notes for Editors:
Union Cuba Petroleo (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.
Proved recoverable oil reserves within the territory of Cuba amount to 125 million barrels, a total of 35 oil fields were discovered. Most reserves are located offshore. According to CUPET, oil reserves in the Cuban shelf amount to about 20 billion barrels. United States Geological Survey estimates oil reserves at 5 billion barrels. Gas reserves are 10 - 21 trillion cubic feet.