Ol reserves in the Cuban shelf amount to about 20 billion barrels

The signature ceremony was led by President of Russian Federation Vladimir Putin in course of StPetersburg International Economic Forum .

For the purpose of this Memorandum, there has been created a working group composed of field-oriented representatives of either Party.

Union Cuba Petroleo (CUPET) is a Cuban state-owned oil company. Its priorities include exploration and development of new oil fields in the Cuban shelf area, production increase at producing fields, reworking of suspended wells, and increase in refining capacity. CUPET has already signed agreements for exploration and development of oil with companies from Spain, Norway, India, Venezuela, Vietnam, Malaysia, Brazil, Canada, and China. Almost half of 59 license blocks is contracted.

According to CUPET, oil reserves in the Cuban shelf amount to about 20 billion barrels. United States Geological Survey provides evaluations from 4 to 9 billion barrels of oil.