Cuba Introduces New Oil and Gas Decree Aimed at Advancing Energy Independence

Deep News06:50

On October 12 local time, Cuba's Ministry of Energy and Mines held a press conference to issue Decree No. 135 on oil and natural gas. Several department officials explained and clarified the new decree at the press conference.

According to the introduction, the previous relevant decree is no longer applicable. Cuba formulated the new decree after studying the regulations of multiple countries and incorporating the opinions of 31 consulting institutions.

The new decree aims to gradually increase crude oil and natural gas production and reserves, meet the country's fuel and derivative needs as much as possible, provide raw materials and products for the future development of the petrochemical industry, support the recovery of the national power system, and promote energy independence.

The new decree emphasizes the state's sovereignty and jurisdiction over energy, while welcoming domestic and foreign investment, allowing diversified cooperation models, and emphasizing industrial safety and environmental protection.

Currently, the United States has imposed an energy blockade on Cuba. Cuba faces energy shortages and a strained power system, and local fuel production can only meet about 40% of daily demand. This move seeks to break the energy predicament by providing a more flexible legal framework for foreign investors and domestic private entities.

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