Baku. 12 May. REPORT.AZ/ French petroleum company Total signed an agreement with the Cuban Union CubaPetroleo on oil exploration of the continental shelf off the coast of Cuba.
Report informs citing Russian TASS, agreement was reached during the visit of French President Francois Hollande in Havana.
Union CubaPetroleo (CUPET) - Cuban state oil company. Among its priorities is the exploration and development of new offshore fields in Cuba, increasing production at existing fields, restoration of suspended wells, and the expansion of refining capacity.According to CUPET, hydrocarbon reserves on the Cuban shelf amounted to about 20 billion barrels.
The US Geological Survey estimates the reserves at 4-9 billion barrels of oil.