BGP Inc and CUPET Sign Oil Contract

BGP Marine, a division of BGP Inc., the China National Petroleum Corporation and the Cuba-Petroleo Company (CUPET), have announced the signing of contract for 2D multi-client acquisition in offshore Cuba.

The areas are largely unexplored.  To date, the venture is the biggest of its kind in Cuba. Specifically, it will involve the identification and evaluation of areas for possible for future hydrocarbon exploration. Oil and gas shows in some of the wells indicates the existence of an active hydrocarbon system. The data aims to interpret geology in offshore Cuba and identify structural and stratigraphic trends to be used for regional evaluation and future detailed seismic survey designs. Source.

BGP Marine is a global leader in providing marine acquisition and seismic surveys.  With superior technology and expertise, BGP is a leader in geophysical services, delivering a wide range of technologies, services and equipment to the oil and gas industry worldwide.  CUPET is the national oil company of Cuba.

The venture commenced in November and will run for 12 months.

The BGP and CUPET program is to further develop the oil industry in Cuba.  After the completion of the surveys, a bid round will take place.

The area of evaluation covers Cuba’s Exclusive Economic Zone in the Gulf of Mexico (the main focus), the northern and eastern areas, as well as the south of the country.  The acquisition, processing and interpretation will be done using the BGP Pioneer vessel. It involves 25,000 km of 2D long-balance, high determination, broadband seismic and gravity information.

According to the official Cuban media, CUPET said that companies interested in participation in offshore oil exploration will be able to obtain the information and results from these non-exclusive projects in Q4 2017.