AEI & Joint Ventures



International Economic Associations

Sherrit International Cuba

Established in 1992, Sherritt’s Oil and Gas operations in Cuba have grown from a modest oil recovery program to an intermediate exploration and production business that contributes significantly to the success of the Corporation. Over the years, Sherritt has demonstrated its ability to find, develop and produce oil and gas in the challenging environment of Cuba’s complex fold and thrust belt reservoir.

Average gross working-interest production in 2012 for Oil and Gas in Cuba was approximately 20,164 bpd.

Sherritt believes that there is potential for growth in Cuba’s oil and gas industry, and its primary focus will be to continue investing in its Cuban production and reserve base. The Corporation plans to grow its production through ongoing development drilling and by implementing heavy oil recovery technologies proven in western Canada and other jurisdictions.

To date, Sherritt’s operations have used natural reservoir pressures and conventional pumping technology and estimates that its recoverable reserves represent less than 2% of the original oil in place, which currently stands at over seven billion barrels. These low recovery factors are due to the viscous quality of the crude oil produced by conventional means and the nature of the fractured carbonate reservoirs. Typical Cuban oil fields are believed to contain large accumulations of hydrocarbons and individual fields may contain more than one billion barrels of original oil in place.

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PDVSA Cuba

On April 28, 2005, PDVSA Cuba opened its doors in Havana in order to shore up the Petrocaribe project, within the framework of the Agreement for the Implementation of the Bolivarian Alternative for the Americas (ALBA). The inauguration of this commercial and business office is a major event in the expansion of energy cooperation relations between the Bolivarian Republic of Venezuela and the Republic of Cuba, which point to a new model of integration in Latin America and the Caribbean, based on the principles of mutual cooperation, solidarity, complementarity and the sustainable socio-economic development of the peoples of the region. The strategic location of PDVSA Cuba in Havana will allow for the articulation of other businesses and instrumental projects in order to accelerate the advance of Petrocaribe in the vast area of the Caribbean basin, which has a significant prolific potential in hydrocarbon reserves and a growing demand to improve the quality of life of the Caribbean population. Products and services PDVSA Cuba will work together with Cuba-Petroleum (CUPET) to multiply the potentialities of the Caribbean energy market, both in the exploration and production (upstream) and refining and commercialization (downstream) processes, in order to promote the social progress of the Caribbean and Central American peoples, through free and democratic access to energy at a fair and reasonable price. The PDVSA Cuba office in Havana will allow us to offer more support and attention to the region and to promote the progress of projects for the production and commercialization of lubricants, fuels and other petroleum products for Central America and the countries of the Caribbean Basin. It will also assume coordination in the field of technological exchange and training of human resources in the hydrocarbons sector.

Joint Ventures

Castrol – World leader in lubricants

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Castrol is the brand of lubricants that BP acquired in 2002. Castrol’s automotive and motorcycle oils are world-renowned and sold in more than 150 countries, but Castrol manufactures lubricants for other applications on land, sea and air.

Energas

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ENERGAS was inaugurated by Commander-in-Chief Fidel Castro in December 2000, and from that date to the present has an installed capacity of between 10 and 15 percent of the National Electroenergetic System. The project, built with mixed capital, cost $ 150 million and has met expectations for its high efficiency and environmental care, taking into account that it is close to the Varadero tourist center.

This efficient entity consists of three plants, plus a small peak plant, and is the only one with combined cycle installed, taking full advantage of all possibilities to produce energy.

The entity generates little more than 200 megawatt hours, so that with its closed cycle process ostensibly reduces environmental pollution, it delivers electricity at a cost of only 1.5 US cents per kilowatt hour and contributes tens of tons of sulfur a year, with a High percent purity; In addition to liquefied petroleum gas, known as propane-butane and solvents such as naphtha of industrial interest.
Eleven years later, Energas has exceeded its expectations for its high efficiency and environmental care, and deserves national awards for a correct management of the environment, conferred by the Ministry of Science, Technology and Environment of the Greater the Antilles.

Empresa Cubana de Gas S.A.

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This mixed company is in charge of the reception, storage, packaging, dispatch and commercialization of liquefied gas; Supplying through the Liquefied Gas Company, the LPG necessary for the cooking of food from families in the provinces of Havana, Artemisa and Mayabeque.

It also complies with the distribution of bottled and bulk LPG to the self-financed sector: hotels, restaurants, commercial firms, diplomatic corps and others in the western region of the country, with its own automotive fleet.
This service is achieved with efficiency and quality reflected in the level of customer satisfaction.

Among the most important achievements of Empresa Cubana de Gas SA is the service of evaluation of the safety conditions of non-portable LPG pressure vessels owned by customers by highly qualified technical personnel.
There is also a re-packaging plant, which allows the operation of cylinders in optimum safety conditions for the general population.

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