We are the authorized organization to establish relations with foreign oil companies to explore and produce hydrocarbons in the Republic of Cuba and in its Exclusive Economic Zone, by its own means or in association with foreign companies.
Since 1991 Cuba has adopted a policy of attracting foreign investment to key sectors of the economy, including the energy sector and our first oil contract was signed in December 1990 with Total Energy Company. From that date to date, 42 petroleum contracts have been signed at risk.
In 1992 the Constitution was amended to recognize ownership of joint ventures and economic associations constituted in accordance with the law.
Under the current legal framework, the rights to carry out oil activities, both onshore and offshore, are conferred by direct adjudication of the government of the Republic, considering the state oil management policy and the economic and social development of the country.
The regulator of oil activities is the Ministry of Energy and Mines, the State Oil Company is the Cuba-Oil Union (CUPET) and its agent and business manager is Commercial CUPET, S.A.
Other national and foreign legal entities may carry out oil activities in Cuba, in association with CUPET and prior authorization by the Council of Ministers (CM), the highest administrative-executive body of the Republic. The rights conferred to carry out these activities are formalized through production participation contracts (PSC in English) that are signed with CUPET.