After offshore oil failure, Cuba shifts energy focus

lunes 11 de agosto de 2014 12:54 GYT

* New contracts signed for onshore oil development

* Russia and China balk at deepwater oil exploration

* U.S. embargo, ample supplies elsewhere reduce appetite

By Marc Frank

HAVANA, Aug 11 (Reuters) - Cuba has shifted its focus away from offshore oil, concentrating on renewable energy and improving output from onshore wells due to a lack of interest by foreign companies for further deepwater exploration, sources close to the industry say.

With so much oil readily available around the world, oil companies including those from allies China and Russia see little incentive in drilling off the Caribbean island, delaying the Cuban dream of oil wealth that could inject vigor into its socialist revolution.

With the U.S. trade embargo of Cuba further complicating drilling plans, the country is seeking investors in renewable energy such as biomass and wind while attempting to increase output from existing onshore and shallow water wells.

Russia's state-run Rosneft and the China National Petroleum Company (CNPC) separately agreed last month to help Communist-run Cuba extract more oil along the traditional northwest heavy oil belt, but did not sign on to deepwater exploration.

The northwest heavy oil belt is a 200-mile (320-km) stretch of the northern coast from Havana to Villa Clara and reaching up to 3 miles (5 km) offshore. It produces poor quality oil that meets 40 percent of the country's needs.   Continuación...