1 2
1.1 List of Tables 6
1.2 List of Figures 7
2 Cuba Energy Sector 8
2.1 Cuba Energy Sector, Market Overview 8
2.2 Cuba Energy Sector, Crude Oil 9
2.2.1 Cuba Crude Oil, Overview 9
2.2.2 Cuba Crude Oil, Supply and Demand Balance 9
2.2.3 Cuba Crude Oil, Regulatory Structure 15
2.2.4 Cuba Crude Oil, Infrastructure 15
3 Cuba Oil Upstream Investment Environment Benchmarking 17
3.1 Introduction 17
3.2 The Overall Ranking 17
3.3 Upstream Fiscal Attractiveness 18
3.3.1 Maximum Government Take Index 19
3.3.2 Maximum State Participation Index 19
3.3.3 Domestic Market Obligation Index 19
3.4 Oil Sector Performance 20
3.4.1 Exploration Activity 22
3.4.2 Oil Production 23
3.4.3 Oil Reserves 23
3.4.4 Oil Consumption 23
3.4.5 Refining Industry 24
3.5 Economic Performance 24
3.5.1 GDP Growth Index 26
3.5.2 FDI Confidence Index 26
3.5.3 Balance of Trade Index 26
3.6 Socio-Political Performance 26
3.6.1 Democracy Index 28
3.6.2 Governance Index 28
4 Cuba Exploration and Production Sector 29
4.1 Cuba Exploration and Production Sector, Country Snapshot 29
4.1.1 Cuba Exploration and Production Sector, Key Data 29
4.1.2 Cuba Exploration And Production Sector, Crude Oil Assets Map 29
4.2 Cuba Exploration and Production Sector, Gross Crude Oil Production 30
4.2.1 Cuba Exploration and Production Sector, Total Gross Crude Oil Production 30
4.2.2 Cuba Exploration and Production Sector, Gross Crude Oil Production by Type 31
4.2.3 Cuba Exploration and Production Sector, Gross Crude Oil Production by Assets 31
4.2.4 Cuba Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 32
4.2.5 Cuba Exploration and Production Sector, Market Share based on Gross Equity Weighted Crude Oil Production 33
4.3 Cuba Exploration and Production Sector, Gross Crude Oil Forecasts 34
4.3.1 Cuba Exploration and Production Sector, Gross Crude Oil Forecasted Production 34
4.4 Cuba Exploration And Production Sector, Crude Oil Asset Details 34
4.4.1 Cuba Exploration And Production Sector, Active Crude Oil Asset Details 34
4.4.2 Cuba Exploration And Production Sector, Planned Crude Oil Asset Details 35
4.5 Cuba Exploration and Production Sector, Major Oil Discoveries 35
4.5.1 Cuba Exploration and Production Sector, Number of Oil Discoveries 35
4.5.2 Cuba Exploration and Production Sector, Oil Discovery Details 35
4.6 Cuba Exploration and Production Sector, Recent Discoveries 35
4.6.1 Jan 24, 2009: OVL Finds Two Hydrocarbon Leads In Cuban Deepwater Block 35
4.7 Cuba Exploration and Production Sector, Drilling and Production Updates 36
4.7.1 Mar 19, 2009: Petrobras May Commence Drilling At Offshore Cuba Within A Year 36
4.7.2 Feb 17, 2009: Cupet To Drill 24 Wells In 2009 37
4.7.3 Jun 24, 2008: Cupet To Begin Offshore Oil Exploration 37
5 Cuba Pipeline Sector 38
5.1 Cuba Pipeline Sector, Key Data 38
5.2 Cuba Pipeline Sector, An Overview 38
5.3 Cuba Pipeline Sector, Comparision of Key Crude Oil Pipeline Companies 38
5.4 Cuba Pipeline Sector, Crude Oil Pipelines 39
6 Cuba Refining Sector 40
6.1 Cuba Refining Sector, Key Data 40
6.2 Cuba Refining Sector, An Overview 40
6.2.1 Cuba Refining Sector, Total Refining Capacity 40
6.3 Cuba Refining Sector, Capacity- Wise Market Share by Company 41
6.4 Cuba Refining Sector, Crude Distillation Unit Capacity 42
6.5 Cuba Refining Sector, Fluid Catalytic Cracking Capacity 43
7 Profile of Sherritt International Corporation 44
7.1 Sherritt International Corporation, Key Information 44
7.2 Sherritt International Corporation, Company Overview 44
7.3 Sherritt International Corporation, Business Description 44
7.3.1 Business Overview 44
8 Profile of Pebercan Inc 46
8.1 Pebercan Inc, Key Information 46
8.2 Pebercan Inc, Company Overview 46
8.3 Pebercan Inc, Business Description 46
8.3.1 Business Overview 46
9 Profile of Repsol YPF, S.A. 48
9.1 Repsol YPF, S.A., Key Information 48
9.2 Repsol YPF, S.A., Company Overview 48
9.3 Repsol YPF, S.A., Business Description 48
9.3.1 Business Overview 48
9.3.2 Downstream 49
9.3.3 Gas Natural SDG 51
9.3.4 LNG 51
9.3.5 Upstream 52
9.3.6 YPF 54
9.4 Repsol YPF, S.A., SWOT Analysis 54
9.4.1 Overview 54
9.4.2 Repsol YPF, S.A. Strengths 55
9.4.3 Repsol YPF, S.A. Weaknesses 57
9.4.4 Repsol YPF, S.A. Opportunities 57
9.4.5 Repsol YPF, S.A. Threats 58
10 Recent Developments 60
10.1 Strategy and Business Expansion 60
10.1.1 Aug 28, 2009: PetroVietnam, Zarubezhneft Sign MoU On Oil, Gas Exploration Offshore Cuba 60
10.1.2 Jul 17, 2009: Petrobras Opens New Office In Cuba 60
10.1.3 Jan 23, 2009: Russian Group Signs MoU With Cubapetroleo 60
10.2 Other Significant Developments 61
10.2.1 Jan 06, 2010: Cuba Produces 65.000 Bpd Of Oil In 2009 61
10.2.2 Oct 30, 2009: Gold Oil Provides Operations Update 61
10.2.3 Aug 21, 2009: Cuba H1 2009 Fuel Oil Production Up 10.5% 63
10.2.4 Jul 29, 2009: Cuba, Russia Ink Agreement On Zarubezhneft's EEZ Gulf Operations 64
10.2.5 Jul 09, 2009: Brazil To Provide $300 Million Loan To Cuban Port For Oil Industry 64
10.2.6 Jun 22, 2009: Ecopetrol May Explore Oil Wells In Cuba 65
10.2.7 Jun 09, 2009: Cuba Launches New Policy For Oil Development 65
10.2.8 Jun 08, 2009: Caribbean Heads To Discuss Oil Supply Projects 67
10.2.9 Mar 29, 2009: Cuba Drills Oil Well Without Foreign Partner 67
10.2.10 Mar 22, 2009: Cuba To Maintain Oil Production Levels In 2009 67
10.2.11 Feb 25, 2009: Cuba Anticipates More Oil Prospects In Gulf of Mexico 68
10.3 New Contracts Announcements 68
10.3.1 Nov 03, 2009: Zarubezhneft Signs Contracts For Oil Exploration In Cuba 68
11 Appendix 70
11.1 Methodology 70
11.1.1 Coverage 71
11.1.2 Secondary Research 72
11.1.3 Primary Research 72
11.1.4 Midstream Forecasts 72
11.1.5 Expert Panel Validation 72
11.2 Contact Us 73
11.3 About the Publisher 73
11.4 Disclaimer 73

List of Tables
Table 1: Cuba, Historic and Forecast Production and Consumption of Crude Oil (Thousand Barrels Per Day), 1996-2020 10
Table 2: Cuba, Historic and Forecast Imports of Crude Oil (Thousand Barrels Per Day), 1996-2020 12
Table 3: Cuba, Historic Reserves of Crude Oil (Million Barrels), 1996-2009 14
Table 4: South and Central America, Investment Benchmarking, Overall Country Rankings, April 2010 17
Table 5: South and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness, April 2010 18
Table 6: South and Central America, Investment Benchmarking, Oil Sector Performance, April 2010 20
Table 7: South and Central America, Investment Benchmarking, Economic Performance, April 2010 24
Table 8: South and Central America, Country Standings, Economic Performance, April 2010 25
Table 9: South and Central America, Investment Benchmarking, Socio-Political Performance, April 2010 27
Table 10: South and Central America, Country Standings, Socio-Political Performance, April 2010 27
Table 11: Cuba, Crude Oil Key Statistics, 2009 29
Table 12: Cuba, Total Gross Crude Oil Production (MMBBLs), 2002-2009 30
Table 13: Cuba, Gross Crude Oil Production by Type (MMBBLs), 2002-2009 31
Table 14: Cuba, Gross Crude Oil Production (MMBBLs), by Assets, 2002-2009 31
Table 15: Cuba, Gross Equity Weighted Crude Oil Production by Company (MMBBLs), 2002- 2009 32
Table 16: Cuba, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2002-2009 33
Table 17: Cuba, Gross Crude Oil Production (MMBBLs), Forecast by Major Assets, 2010-2015 34
Table 18: Cuba, Active Oil Field Asset Details 34
Table 19: Cuba, Planned Oil Field Asset Details 35
Table 20: Cuba, Number of Oil Discoveries, 2004-2009 35
Table 21: Cuba, Oil Discovery Details, 2004-2009 35
Table 22: Cuba, Pipeline Key Statistics, 2009 38
Table 23: Cuba, Crude Oil Pipeline Length by Company (Km), 2009 38
Table 24: Cuba, Crude Oil Pipelines, 2009 39
Table 25: Cuba, Refinery Key Statistics, 2009 40
Table 26: Cuba, Total Refining Capacity (MMTPA), 2000- 2013 40
Table 27: Cuba, Refining Capacity Company-wise (MMTPA), 2000-2013 41
Table 28: Cuba, Crude Distillation Unit Capacity (MMTPA), 2000-2013 42
Table 29: Cuba, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 43
Table 30: Sherritt International Corporation, Key Facts 44
Table 31: Pebercan Inc., Key Facts 46
Table 32: Repsol YPF, S.A., Key Facts 48
Table 33: Repsol YPF, S.A., SWOT Analysis 55

List of Figures
Figure 1: Cuba, Energy Sector break-up, 2009 8
Figure 2: Cuba, Historic and Forecast Production and Consumption of Crude Oil (Thousand Barrels Per Day), 1996-2020 11
Figure 3: Cuba, Historic and Forecast Imports of Crude Oil (Thousand Barrels Per Day), 1996-2020 13
Figure 4: Cuba, Historic Reserves of Crude Oil (Million Barrels), 1996-2009 15
Figure 5: South and Central America, Country Standings, Upstream Fiscal Attractiveness, April 2010 19
Figure 6: South and Central America, Country Standings, Oil Sector Performance by Reserves - Exploration & Production, April 2010 21
Figure 7: South and Central America, Country Standings, Oil Sector Performance, by Production-Consumption & Refining, April 2010 22
Figure 8: South and Central America, Country Standings, Exploration Blocks Awarded, April 2010 23
Figure 9: South and Central America, Country Standings, Economic Performance, April 2010 25
Figure 10: South and Central America, Country Standings, Socio-Political Performance, April 2010 28
Figure 11: Cuba, Crude Oil Assets Map, 2009 29
Figure 12: Cuba, Total Gross Crude Oil Production (MMBBLs), 2002-2009 30
Figure 13: Cuba, Gross Crude Oil Production by Type (MMBBLs), 2002-2009 31
Figure 14: Cuba, Gross Equity Weighted Crude Oil Production by Company (MMBBLs), 2002- 2009 32
Figure 15: Cuba, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2009 33
Figure 16: Cuba, Crude Oil Pipeline Length by Company (Km), 2009 39
Figure 17: Cuba, Total Refining Capacity (MMTPA), 2000- 2013 41
Figure 18: Cuba, Market Shares by Company(%), 2009 42
Figure 19: Methodology 71