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Russin oil giant Rosneft exploring possibility of entering Cuban market

In addition, joint project of Inter RAO and Union Electrica on modernization of thermal power plant in the cities of Mariel and Santa Cruz del Norte is in the development stage

NEW YORK, September 28. /TASS/. Rosneft is exploring the possibility of entering the Cuban market, according to the documents of the Kremlin press-service for the visit of the Russian President Vladimir Putin to New York to attend the UN General Assembly session. The President is planning to hold a meeting with the President of the Council of and the Council of Ministers of Cuba Raul Castro.

The documents also note that countries are developing applied cooperation in the field of oil exploration and production. Thus, Zarubezhneft is implementing a project to increase the oil production rate and using enhanced oil recovery at Boca de Jaruco oil field.

In addition, joint project of Inter RAO and Union Electrica on modernization of thermal power plant in the cities of Mariel and Santa Cruz del Norte is in the development stage. The deliveries of the Russian power equipment to Cuba are in progress.

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At the St. Petersburg Economic Forum in 2014 Russia’s oil majors Rosneft and Zarubezhneft and Cuba’s state oil company CubaPetroleo have agreed to work together at block 37 on Cuba’s shelf.

On May 24, 2014, the three companies, which took part in the St. Petersburg Economic Forum, signed a memorandum of understanding on block 37 of the Cuban shelf. The document was then signed by Zarubezhneft and Rosneft CEOs, Sergei Kudryashov and Igor Sechin respectively, and Cupet Director General Juan Torres Naranjo. The memorandum outlined key areas of joint prospecting works at block 37. In case, the block is proved to have good hydrocarbon potential, a working group of Rosneft and Zarubezhneft are to prepare a draft plan of joint implementation of the project.

Block 37 is located on the Cuban shelf in the vicinity of the coast. It’s area is about 1,500 square kilometers. The sea depth ranges from 500 to 1,600 metres.

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Oil & Gas Rosneft Cuba

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