RN-Exploration (Rosneft Group Subsidiary) and Union CubaPetroleo (CUPET), the state-run oil company of the Republic of Cuba, have entered into a contract for enhancing oil production at Varadero - East Central Block. The document was signed Rosneft Chief Executive Officer Igor Sechin and CUPET General Director Juan Torres Naranjo.
In accordance with the document, the parties shall jointly review the development and operation conditions of Varadero - East Central Block field to identify opportunities for enhancing well stock operation efficiency and executing wellwork activities targeting enhanced oil recovery.
The contract was concluded in furtherance of the Cooperation Agreement which the parties signed during the visit of the Russian President Vladimir Putin to Cuba in July 2014.
Rosneft’s participation in energy related projects in Cuba is a constituent part of the regional strategy of the Company in Latin America. Its implementation will provide synergies with current perspective projects in Venezuela, where Rosneft is one of country’s the top performer, and its operations in the Solimoes basin in Brazil.
