First license round in 30 years sheds light on Cuba's geology
Cuba's first licensing round in 30 years is part of a privatization program aimed at reviving an economy that has been struggling since 1989 to make up for lost assistance from the former Soviet Union. Much of that help came in the form of subsidized crude oil and petroleum products. In February, state owned Cubapetroleo SA (Cupet) described oil and gas licensing terms during promotion presentations held in London and Calgary. US companies can't invest in Cuba due to a trade embargo. The country is offering production sharing contracts for 11 blocks - three offshore, seven onshore, and one onshore and off. Block sizes range from 1,400 sq km to 6,000 sq km. Contracts will have maximum terms of 25 years with exploration periods of 4 years. The state will take 11% of production and tax net profits at the rate of 30%. The paper also describes Cuba's oil production.
- OSTI ID:
- 6490278
- Journal Information:
- Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 91:17; ISSN OIGJAV; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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