NEWS
Rosneft and CUPET will increase crude extraction in Varadero
Source:
RN-Exploration (the Group of Companies Rosneft) and the Cuba-Petroleum Union (CUPET), signed a contract to increase oil production at the Varadero-Central Unit of the East. The contract was signed by Rosneft’s president, Igor Sechin and the CUPET’s General Manager, Juan Torres Naranjo.
According to the signed document, the parties will carry out a joint study of the conditions for the development and exploitation of so-called mature oil fields.
A mature field is one where the peak of production foreseen in the original scheme of exploitation has been exceeded. It added that it is planned to examine the possibility of increasing the efficiency of the deposits.
The contract was signed after the cooperation agreement signed by both companies in the visit of the Russian president, Vladimir Putin, to Cuba in July of 2014.
