Canadian Oil men: another 10 years in Cuba

The directors of the Canadian company Sherritt International Corporation extended for another decade their presence in Cuba, through the renewal of its contract with the Union Cubapetróleo (Cupet) state entity, which allows them to share exploitation of oil wells and natural gas on Cuban soil.

This initiative extends until 2028 the joint actions of both companies, which had a previous agreement that expired in 2018. Sherritt began commercial relations with the Caribbean island in 1991 from nickel, which was later expanded to the field of hydrocarbons. Currently it is the first independent company operating in Cuba this sector.

In addition, its interests in the country extend to tourism, electricity, agriculture, transport, communications and real estate, which consolidates Sherritt as one of the most important trading partners of Cuba.

As explained by the director general of Cupet, Juan Torres Naranjo, some of the conditions of the extension include the obligation of Sherritt to drill at least seven wells within the first two years from the entry into force of the contract especially on the northeast coast of western Cuba with the expansion of the Puerto Escondido-Yumurí oiñ field, east of the capital.

According to information provided by Prensa Latina, the extent of exploitation rights “applies to all new wells drilled after the modification of the PSC, said the press release. The chairman of Sherritt International, David Pathe, welcomed the expansion of the alliance with Cuba, as an important milestone in the continuity of oil production on the island in the long term. ”

The Canadian company based in Toronto, is the number one in the world in the mining and refining of nickel from lateritic ores, whose center in Cuba is in the town of Moa, in the eastern Holguin province.