China, Cuba ink oil cooperation pact
China National Development Corp. (CNPC) and Cuba's national oil
company (CUPET) have signed an agreement to expand oil cooperation in
the oil and gas sector.
China National Development Corp. (CNPC) and Cuba's national oil
company (CUPET) have signed an agreement to expand oil cooperation in
the oil and gas sector.
The agreement was signed in the framework of Chinese Vice President Xi Jinping’s recent visit to Cuba.
Under the agreement, CNPC will work with the Cuban partners in oil and gas exploration and exploitation at new oil wells on land and offshore in the Gulf of Mexico, and assist Cuba to lower operational costs and raise crude oil output.
Meanwhile, CNPC and CUPET signed two agreements to enlarge and modernise oil refinery factories in Cienfuegos city in central Cuba and construct a new oil refinery in Matanzas province, 100 kilometres south of Havana.
Cuba is expected to start drilling five more oil wells in the Gulf of Mexico with foreign partners. The Chinese-built drilling rig Scarabeo 9 is scheduled to be brought to Cuba in the next months to help with oil exploration works.
Cuban experts said the country’s exclusive economic zone in the Gulf of Mexico held huge oil potential, with reserves estimated at 20 billion barrels, which acts as an important part of the country’s energy development strategy and economic model update./.
The agreement was signed in the framework of Chinese Vice President Xi Jinping’s recent visit to Cuba.
Under the agreement, CNPC will work with the Cuban partners in oil and gas exploration and exploitation at new oil wells on land and offshore in the Gulf of Mexico, and assist Cuba to lower operational costs and raise crude oil output.
Meanwhile, CNPC and CUPET signed two agreements to enlarge and modernise oil refinery factories in Cienfuegos city in central Cuba and construct a new oil refinery in Matanzas province, 100 kilometres south of Havana.
Cuba is expected to start drilling five more oil wells in the Gulf of Mexico with foreign partners. The Chinese-built drilling rig Scarabeo 9 is scheduled to be brought to Cuba in the next months to help with oil exploration works.
Cuban experts said the country’s exclusive economic zone in the Gulf of Mexico held huge oil potential, with reserves estimated at 20 billion barrels, which acts as an important part of the country’s energy development strategy and economic model update./.
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