South America / GoM

Cuba flag
Summary | Profile

Country profile: Cuba

Location: Caribbean, island between the Caribbean Sea and the North Atlantic Ocean, 150 km south of Key West, Florida,0,0,0
Climate: tropical; moderated by trade winds; dry season (November to April); rainy season (May to October)
Terrain: mostly flat to rolling plains, with rugged hills and mountains in the southeast
Size: 110860 sq. km total (Land area: 110860 sq. km )
Population: 11,423,952 (July 2008 est.)
Languages: Spanish
Government: Communist state
Capital city: Havana
Legal system: based on Spanish civil law and influenced by American legal concepts, with large elements of Communist legal theory; has not accepted compulsory ICJ jurisdiction
Currency: Cuban peso (CUP) and Convertible peso (CUC)
Licensing:

Country profile

The islands of the Caribbean basin are predominantly net energy importers, with the exception of Trinidad and Tobago. Agriculture and natural resource extraction activities continue to constitute the basis of the islands' economies, though the tourism and service sectors are growing. In recent years, the Caribbean countries have been worried that higher global oil prices will impair their efforts to expand economically. In response, the island nations have been discussing ways to better integrate their energy sectors, especially in regards to increased natural gas exports from Trinidad and Tobago to other islands. These efforts have also focused on the major external energy suppliers to the region, such as Mexico and Venezuela.

The native Amerindian population of Cuba began to decline after the European discovery of the island by Christopher COLUMBUS in 1492 and following its development as a Spanish colony during the next several centuries. Large numbers of African slaves were imported to work the coffee and sugar plantations, and Havana became the launching point for the annual treasure fleets bound for Spain from Mexico and Peru. Spanish rule, marked initially by neglect, became increasingly repressive, provoking an independence movement and occasional rebellions that were harshly suppressed. It was US intervention during the Spanish-American War in 1898 that finally overthrew Spanish rule.

The subsequent Treaty of Paris established Cuban independence, which was granted in 1902 after a three-year transition period. Fidel CASTRO led a rebel army to victory in 1959; his iron rule held the subsequent regime together for nearly five decades. He stepped down as president in February 2008 in favor of his younger brother Raul CASTRO. Cuba's Communist revolution, with Soviet support, was exported throughout Latin America and Africa during the 1960s, 1970s, and 1980s. The country is now slowly recovering from a severe economic downturn in 1990, following the withdrawal of former Soviet subsidies, worth $4 billion to $6 billion annually. Cuba portrays its difficulties as the result of the US embargo in place since 1961. Illicit migration to the US - using homemade rafts, alien smugglers, air flights, or via the southwest border - is a continuing problem. The US Coast Guard intercepted 2,864 individuals attempting to cross the Straits of Florida in fiscal year 2006.

Energy production and consumption


Oil Gas
Production: 50,850 bbl/day (2006 est.) 1 billion cu m (2006)
Consumption: 150,000 bbl/day (2006 est.) 1 billion cu m (2006)
Exports:    
Imports: 98,100 bbl/day (2005 est.)  
Reserves: 243 million bbl (1 January 2006 est.) 67 billion cu m (2006)
Major fields:



Cuba - recent news

11 Sep 24
Cuba: Melbana Energy announces approval of Block 9 Amistad field development
Melbana Energy has announced the approval of the Block 9 Amistad field development, onshore Cuba. The Company is formalising a joint marketing and sales agreement with all Block 9 stakeholders to export 100% of production and is also in discussions with several potential new partners and credit providers who have demonstrated interest in participating in the development of Block 9.
27 Jun 24
Cuba: Melbana provides Block 9, Alameda-3 appraisal update - Alameda reservoir
Melbana has provided an update on the Almeda-3 appraisal well. Both the Marti and Alameda reservoirs failed to flow moveable hydrocarbons. Melbana's immediate plan is to work on the steps required to export production from the Amistad reservoir this year and to develop more appraisal wells in the Amistad reservoir thereafter.
25 Jun 24
Cuba: Melbana Energy commences flow testing at Alameda-3
Melbana Energy, a 30% interest holder in and Operator of Block 9 PSC onshore Cuba, has provided an operational update for Alameda-3. The Company confirms that flow testing has now commenced for the Alameda reservoir, following a recent flow test on the Marti reservoir,
18 Jun 24
Cuba: Melbana Energy announces Alameda-3 drilling update
Melbana Energy, a 30% interest holder in and operator of Block 9 PSC onshore Cuba, has provided an update on its appraisal well Alameda-3. A flow test of the Marti reservoir penetrated in the Alameda-3 well commenced on 9 June.
18 Apr 24
Cuba: Melbana Energy announces Alameda-3 drilling update
Melbana reports that sections of elevated formation gas have been encountered indicative of hydrocarbons in the reservoir, consistent with the exploration well Alameda-1.

Cuba - more news

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