Rosneft, Zarubezhneft to Work Offshore Cuba

July 11, 2014

Rosneft and Zarubezhneft have agreed with the Cuban state oil company, Union CubaPetroleo (CUPET) to jointly develop Block 37 on the Cuban shelf, according to a statement made by Yuri Ushakov on behalf of the Russian presidential administration.

President Vladimir Putin signed the agreement during a visit July 11 to Havana. The agreement was one of 10  in a package of documents signed by Putin which covered a variety of cooperation issues between Russia and Cuba. The initial government to government agreement between the three oil companies could eventually lead to a Production Sharing Agreement (PSA) for joint work on the Cuban shelf.

Source: Oil and Gas Information Agency, 2104.