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)

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)
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

28 Jul 20
Melbana Energy provides quarterly activities summary for the period ended 30 June 2020
Melbana Energy has provided a summary in relation to its activities in Cuba and Australia during the quarter ended 30 June 2020. In Cuba, formal farm-in documentation has been completed with Melbana’s partner for the drilling of two exploration wells in Block 9.
08 Jul 20
Cuba: Melbana provides update on Cuba Block 9 drilling program following Sonangol farm-in
Melbana Energy has received its first payment from Sonangol pursuant to the Farm-in Agreement executed last month for Block 9, onshore Cuba. Melbana, as Operator, is advanced in its planning to drill two wells in Block 9, currently forecast to commence in Q4 2020.
27 May 20
Cuba: Melbana Energy announces Block 9 farm-in agreement with Sonangol
Melbana Energy has entered into a Farm-in Agreement with Sonangol with regards to its Block 9 PSC onshore Cuba. The agreement provides for the drilling of two high impact exploration wells (Alameda and Zapato) in Block 9.
30 Apr 20
Cuba: Ascent Resources signs MoU on further three Cuban licences
Ascent Resources has announced the execution of a binding Memorandum of Understanding ('MoU') directly with the Cuban national oil and gas company ('CUPET'), securing exclusive rights to three additional onshore licences.
14 Apr 20
Cuba: Ascent Resources announces first acquisition in Cuba
Ascent Resources, the onshore European and Caribbean / Hispanic American oil and gas company, has announced its first acquisition in its wider international strategy, which comprises the acquisition of Energetical, a UK Company with exclusive rights to secure a Production Sharing Contract on a producing onshore Cuban oil licence.

Cuba - more news

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