Search and Filter Through Our Comprehensive Database of Upstream (Onshore) Projects and Tenders in Cuba
Identify and track latest upstream (onshore) projects (upcoming, ongoing/under-construction, completed), tenders, and contract awards. Our extensive database and user-friendly interface make it easy for you to find the right business opportunity in Cuba.
Cuba Upstream (Onshore) Industry Analysis
Title: A Deep Dive into Cuba's Upstream Onshore Oil and Gas Projects Industry
Introduction
Cuba, an island nation nestled in the Caribbean, has always been a country of great intrigue and potential. The country's energy sector, particularly the upstream onshore oil and gas projects industry, has been quietly gaining momentum over the years. Let's take an engaging journey through this intriguing industry and discover its current scenario, major drivers, and future outlook.
Current Scenario
While Cuba has long been recognized for its untapped offshore oil reserves, the onshore upstream sector has been less explored, which makes it a fascinating area of interest for both local and foreign investors. As of now, Cuba has four primary onshore basins: North Cuba, Central Cuba, West Cuba, and South Cuba. Among these, North Cuba and West Cuba are the most prolific oil-producing regions.
The Cuban oil and gas sector is predominantly controlled by the state-run entity, CUPET (Cubapetr?leo). However, foreign investment has also been welcomed, with firms such as Canada's Sherritt International and Russia's Zarubezhneft partnering with the Cuban government in various projects.
Major Drivers
Geopolitical factors: One of the major drivers for the onshore oil and gas industry in Cuba is the thawing of the United States-Cuba relations, which started in 2014. This has paved the way for increased foreign investment in Cuba's energy sector, bringing in much-needed capital, technology, and expertise.
Technological advancements: The adoption of advanced exploration and production technologies, such as enhanced oil recovery (EOR) techniques, has significantly improved the prospects of the Cuban onshore oil and gas industry. This is particularly crucial in the North Cuba basin, where heavy oil production has been challenging due to its high viscosity.
Energy security: Cuba's domestic oil production currently meets only about half of its energy needs. The rest is imported, primarily from Venezuela. By developing the onshore oil and gas industry, Cuba aims to reduce its dependence on imports and improve its energy security.
Economic diversification: The development of the onshore oil and gas industry is seen as a means to diversify the Cuban economy, which is heavily reliant on tourism and agricultural exports. This diversification could lead to more sustainable economic growth and job creation.
Industry Outlook
The outlook for the Cuban upstream onshore oil and gas projects industry appears promising, with several factors contributing to its growth:
The Cuban government's commitment to encouraging foreign investment, as evidenced by the Foreign Investment Act of 2014, is expected to continue attracting capital and expertise to the sector.
The growing partnership between CUPET and foreign companies, such as Sherritt International and Zarubezhneft, is expected to yield significant results, particularly in the exploration and production of heavy oil reserves.
The gradual liberalization of the Cuban economy and its potential for future growth, especially with its burgeoning tourism sector, is likely to boost the demand for energy, thereby encouraging further investment in the upstream onshore oil and gas industry.
Conclusion
Cuba's upstream onshore oil and gas projects industry is an exciting arena, full of potential and opportunities for local and foreign players. With the Cuban government's commitment to attracting foreign investment, the increasing adoption of advanced technologies, and the need for energy security and economic diversification, the sector's outlook appears optimistic. The future may hold many surprises, but one thing is clear ? the Cuban onshore oil and gas industry is an industry to watch.
Looking for a List of Upstream (Onshore) Projects in Cuba?
Are you searching for upstream (onshore) projects and tenders in Cuba?
We have compiled the most comprehensive and up-to-date database of global projects and tenders to quickly find opportunities needing your services.
Blackridge Research's Global Project and Tender database is a valuable resource for EPC companies, general contractors, subcontractors, manufacturers, suppliers, operation & maintenance (O&M) companies, investors, consulting companies, and law firms looking for new business opportunities.
Our database includes all the essential project details, contact information of project owners and stakeholders, making it easy for you to establish your connection and grow your business.
Free! No Strings Attached :) 
