China National Petroleum Corporation (CNPC) has signed a framework agreement with Cuba’s state oil company Cubapetroleo (Cupet) for a drilling cooperation between the two firms.
The framework, signed in Cuba’s capital Havana in the presence of both countries’ leaders, aims to increase crude output from Cuba’s offshore oilfields as well as production sharing between the parties.
Under the agreement, CNPC will help Cupet lower the operation costs of some of the existing oilfields and enhance the crude production and recovery.
It will also provide rigs capable of drilling 9,000m and supporting services to facilitate the exploration and development of Cuba’s assets.
