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Latin American Program The United States and Cuba: Implications of an Economic Relationship

l. Latin American Program The United States and Cuba: Implications of an Economic Relationship Washington DC, May 24, 2010 Energy Security and Cooperation Jorge R. Piñon Visiting Research Fellow Florida International University Cuban Research Institute

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Latin American Program The United States and Cuba: Implications of an Economic Relationship

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  1. l Latin American Program The United States and Cuba: Implications of an Economic Relationship Washington DC, May 24, 2010 Energy Security and Cooperation Jorge R. Piñon Visiting Research Fellow Florida International University Cuban Research Institute The views express in this paper reflects strictly personal views of the author and in no way an expression of the views in his official capacity nor the views of any organization with which he is affiliated. Energy Security and Cooperation

  2. The United States and Cuba:Implications of an Economic Relationship Hydrocarbon Timeline: 1903-1959 Shell – Exxon – Texaco – Sinclair Amoco – Gulf Oil 1960-1991 Soviet Union Sugar/Oil Barter Relationship Discovery of the Varadero Oil Field Cienfuegos Refinery 1993-2010 Foreign Oil Companies Participation PSA & Law 77 Venezuela Services/Oil Barter Relationship Refinery Expansion Program Energy Security and Cooperation

  3. The United States and Cuba:Implications of an Economic Relationship Cuba’s Petroleum Balance 2008 Petroleum Demand 160,000 bd Crude Oil Production 52,000 bd Petroleum Imports 93,000 bd Natural Gas Production 20,000 boed Forecast Market Demand 2025 315,000 bd Energy Security and Cooperation

  4. The United States and Cuba:Implications of an Economic Relationship Venezuela-Cuba Oil for Services Barter Agreement Year Debt TotalG&S Bartered 90days25yrs 2006 $1,372 $ 915 $ 2,287 $ 835 2007 $1,430 $ 953 $ 2,383 $1,487 2008 $1,691 $1,691 $ 3,382 $1,355 2009E $1,510 $1,007 $ 2,517 $2,100 2010E $1,680 $1,120 $ 2,800 $3,185 Total $7,683 $5,686 $13,369 $8,962 Energy Security and Cooperation

  5. The United States and Cuba:Implications of an Economic Relationship Energy Security and Cooperation

  6. The United States and Cuba:Implications of an Economic Relationship Energy Security and Cooperation

  7. The United States and Cuba:Implications of an Economic Relationship Energy Security and Cooperation

  8. The United States and Cuba:Implications of an Economic Relationship Implications of an Economic Relationship: 2010 > U.S. Challenges and Opportunities Upstream oil and natural gas Downstream oil Electric Power Generation and LNG Bio-fuels – Sugarcane Ethanol Environmental Stewardship Energy Security and Cooperation

  9. The United States and Cuba:Implications of an Economic Relationship United States – Cuba Energy Security & Cooperation Develop a bilateral policy which would contribute toward Cuba’s energy independence and support a national energy policy which would embrace: modernization of the energy infrastructure balanced sourcing of: oil, natural gas, LNG, sugarcane ethanol and solar power energy conservation environmental stewardship Energy Security and Cooperation

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