PetroChina and CUPET sign cooperation agreement for recovery of Santa Cruz and Seboruco Oilfields

On 23 February, 2012, PetroChina, a subsidiary of China National Petroleum Corporation (CNPC), and Cuba Oil Union (CUPET) signed the "Cooperative Agreement on Increasing Production and Recovery Factor for the north of Santa Cruz and Seboruco Oilfields". According to the agreement, and others like it, PetroChina would fully utilize its expertise in oil and gas exploration and development to provide services to Cuban oil projects. It would use its own experience, engineering technology, material supplies, and equipment in order to accelerate development in the coastal oilfields and to enhance Cuban energy self-sufficiency. The cooperation in the Seboruco oilfield, captured in both this project and in 71492 and 71460, has reduced the operation costs of some producing parts of the oilfields and has improved the oil production and recovery factor. However, it is unclear precisely what technical help PetroChina provided as a consequence of this agreement specifically. Further, it is unclear if PetroChina was paid or received The Chinese name for this agreement is 关于圣克鲁斯北部及赛博鲁克油田增产和提高采收率合作协议.

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