Canada's Sherritt International renews Cuba contract

Canada's Sherritt International renews Cuba contract

Havana (AFP) - Canada's Sherritt International has renewed its oil and
gas operations contract with Cuba until 2028, Havana's state-owned oil
company Cupet said Friday.

Cupet president Juan Torres told the state-run Prensa Latina news agency
that the move extends agreements that were in place until 2018.

Under the terms of the new contract, Sherritt has committed to drilling
a minimum of seven wells over the course of the first two years, he added.

Sherritt currently has operations in three fields, producing some 20,000
barrels per day in 2013.

Cuba covers 40 percent of its oil consumption needs domestically and
imports the rest from Venezuela at favorable terms.

Sherritt is also involved in nickel mining in the southeast of Cuba.
Nickel is the number one Cuban export, raking in $1.1 billion in
revenues each year.

Source: Canada's Sherritt International renews Cuba contract - Yahoo
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