The industry does not possess sufficient liquids handling and storage facilities to coupled with refined products, LPG and off
load vessels; in some ports these facilities are not available. A particular emphasis has been placed on increasing the storage
of fuel capacities to improve distribution and logistic operations.
Oil and gas production is equivalent to 3 million tons of crude oil per year, and approximately 1,100 million cubic meters of natural gas per year. Not to mention 20 prospect blocks in the Cuba's EEZ with an extraction potential of 10,000-20,000 barrels
Cuba's energy sector disposes of three oil producing companies and four refineries located in Havana, Cienfuegos, and Santiago de Cuba. The primary focus is the production of high-quality asphalt with domestic crude and gasoline to meet country’s demand.
Cuba is in need of energy to support his ambitious economy growth and domestic demand; the energy industry requires not just supply but considerable investments to reach higher levels of generation and distribution. The Industry generates 95% of its electric power by burning crude oil. It becomes a challenge to guarantee stability on the national grid as a result of oil import dependency parallel to power plants running on either imported or unrefined domestic petroleum which in turn limits operating plans capacity to a fraction of their whole potential.
The portfolio of investment opportunities indicates that exploration activities continue with the aim to substitute crude imports. Dozens of fields have been discovered recently offshore, which are accessible by horizontal land drilling, allowing to reach not only the grounds but also more significant productivity.
Despite efforts on the search for new oilfields and improvement of recovery in those long under exploitation; the industry disclosed the construction of 600,000 barrels of fuel oil storage in the port of Matanzas to revitalize fuel oil supply. Essential agreements for projects in the ZEDM; such as facilities for the storage and supply of gas; including a new fuel terminal have been in the scope among these priorities. Cuba has a unique geographic location not only to become a learner engagement point for oil and gas distribution across the region, providing maritime transport services to US, Mexico, and Latin America but also possesses the potential to be a robust regional trade partner in the area of energy and infrastructure development.
A few joint-venture projects currently ongoing in energy development and infrastructure (oil refineries, pipelines, and
port facilities) between Cuba and a fast expanding list of
foreign partners is an optimistic indication of that potential.
We are more than interested in hearing from integrated companies and specialized supplies with whom we can work together to transform the energy system towards a well sustainable industry. We pay considerable attention to the challenges and make extra efforts to identify associated risks involved in potential opportunities.
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