Cuba announced this weekend the discovery of better quality oil in the province of Matanzas, located in the west of the island. The exploitation works are in charge of the Australian company Melbana Energy.

According to the announcement this Saturday, the Australian company works in “the Alameda-2 well in Block 9 of Matanzas yielded production volumes of up to 1,100 barrels of oil per day, a Cupet official explained to the official site Cubadebate.”

The crude has been described as “lighter and with a lower sulfur content” than what the island normally produces in the deposits of the Havana-Matanzas Strip. Hence, Cupet’s head of exploration, Osvaldo López, has insisted that it is a better quality product.

The Australian company, in alliance with the Angolan Sonangol, is in charge of operations in Cuba. Until now, there are no estimates of the reserve for this new well.

Since 2001, both companies have been working in coordination. That year they drilled the first exploratory well, Alameda-1, and established it as an “exploration well,” according to the Cuban official. A year later they drilled the second exploratory well called Zapato-1, which turned out to be dry.

It is important to point out that 44 % of Cuban crude oil, and its accompanying gas (8 %), is used to generate electricity for domestic use and for the local economy.

M.Pino

Source: finanzasdigital

(Reference image source: Unsplash, in collaboration with Getty Images)

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