CUBA TO BOOST OIL PRODUCTION BY 3.4 MILLION TONS.

Cuba expects to increase hydrocarbon production by 3.4 million tons this year as a consequence of increased oil field development off the northern coast, reports Agencia EFE (March 4, 2000):

Oil extraction is expected to increase by 2.8 million tons and natural gas production by 660 million cubic meters (2,164 cubic feet), specialists from the Basic Industry Ministry and the state-owned oil company Cuba Petroleo (CUPET) said;

The discovery of new fields off Cuba's northern coast from Havana east to Cardenas, Matanzas province, as well as daily output of 50,000 barrels, should help meet production goals. Cuba controls 45 blocks, of which 20 are leased to foreign companies whose US$600 million dollars in investments since 1991 have quadrupled production, the experts said;

Using natural gas to generate electricity and as domestic fuel is also under consideration, according to Prensa Latina news agency. The introduction of new technologies in collaboration with foreign companies and increased refining are indications that Cuba's oil industry is starting to pick up again. The discovery of at least 10 new oil fields that specialists expect to find in the Havana-Matanza belt in the next three or four years will require a US$70 million investment in infrastructure, such as oil and gas pipelines and treatment plants.