Cuba Upstream (Oil and Gas) Fiscal and Regulatory Guide
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Cuba offers acreage for upstream operations through production sharing agreements (PSAs). A new deepwater PSA model has been announced as part of Cuba’s 1st Offshore Licensing round taking place between 2019-2021. The licensing round includes 24 deepwater blocks in Cuba’s Gulf of Mexico EEA. The new PSA model except from training fees does not include any royalties, surface fees and production bonuses. Cuba’s fiscal changes since 2014 are increasingly attractive and favourable, especially for deep-water blocks. There is an increasing exploration interest during the last few years across the Caribbean region which might encourage investments in Cuba as well. Taking into consideration that all peer countries of Cuba have higher exploration activity, Cuba’s favourable terms are expected to remain in place over the following years with the objective to attract foreign investments and support its economy. However, the reinstated US sanctions, the sector uncertainty caused by the COVID-19 pandemic, the accelerated efforts towards the energy transition, and the frontier nature of the deep-water blocks may be barriers to investment.
“Cuba Upstream (Oil and Gas) Fiscal and Regulatory Guide”, presents the essential information relating to the terms which govern investment into Cuba’s upstream oil and gas sector. The report sets out in detail the contractual framework under which firms must operate in the industry, clearly defining factors affecting profitability and quantifying the state’s take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Cuba’s upstream oil and gas investment climate.
Scope
Overview of current fiscal terms governing upstream oil and gas operations in Cuba
Assessment of the current fiscal regime’s state take and attractiveness to investors
Charts illustrating the regime structure, and legal and institutional frameworks
Detail on legal framework and governing bodies administering the industry
Levels of upfront payments and taxation applicable to oil and gas production
Information on application of fiscal and regulatory terms to specific licenses
Outlook on future of fiscal and regulatory terms in Cuba
Reasons to Buy
Understand the complex regulations and contractual requirements applicable to Cuba’s upstream oil and gas sector
Evaluate factors determining profit levels in the industry
Identify potential regulatory issues facing investors in the country’s upstream sector
Utilize considered insight on future trends to inform decision-making
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