Union Cuba-Petroleo (CUPET) in Partnership with BGP to run Licensing Round Roadshow 10 May 2019 – Posted in: Industry News, Licensing Round, MWM Client News

Unión Cuba-Petróleo (CUPET), in partnership with BGP, will be running a promotional event to include presentations and data viewing relating to the 2019 licensing round, alongside the EAGE conference, 3-6th June 2019.  Twenty four (24) blocks offshore in the Cuban economic exclusive zone of the Gulf of Mexico are being offered.

The Gulf of Mexico is one of the most prolific and prospective offshore areas in the world. Cuba produces around
60000 BOE/day from the western offshore by drilling extended-reach wells through duplex structures in folded and thrusted belts. Reservoirs are composed of fractured and lixiviated carbonates from the Late Jurassic, with seals lithologically composed of Tertiary shale.  Source rocks of Jurassic, deep-water clay carbonate facies.

The first well was drilled in 2004. In 2012, three exploration wells were drilled in this area, with targets focused on Cretaceous carbonates and no commercial oil was discovered; however, all wells had oil shows originating in Late Jurassic source rocks.

in 2017, 26,880 km of new, high-definition  2D  multiclient seismic was acquired by BGP and has provided valuable information on basement depth and sedimentary thickness. New areas with high potential for petroleum systems  have been determined. Through the mapping of several leads in a first interpretation stage, resources are estimated at more than 10 billion barrels of recoverable oil, with expected qualities of 25-35° API.

The Roadshow will take place on Monday 3rd June, at the Institute of Directors, Pall Mall, London.  The presentations will provide an opportunity to review and discuss the exploration opportunities, the contractual and fiscal terms, and the legal framework for upstream petroleum activities in Cuba.  There will also be the opportunity to meet privately with CUPET, and data viewing will be available at the Aloft Hotel, adjacent to the Excel Centre, on 5th and 6th June.

Offered blocks for the 1st Licensing Round include 24 blocks associated with the highest exploratory potential geological scenarios. Classification criteria is based on available information, mapped leads, sea depths and estimated risks. All existing information and data packages will be available to registered and qualified companies.

To attend the roadshow and data viewing opportunities, or for any other information,  please contact Tracey Dancy: tracey@makingwavesmarketing.co.uk.