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November 26, 2021updated 27 Apr 2022 12:17pm

Varadero Heavy Oil Field, Cuba

By Carmen

Varadero is a producing heavy oil field located in shallow water in Cuba and is operated by Cuba Petroleo. The field is located in block Varadero.

Field participation details

The field is owned by Cuba Petroleo.


Production from Varadero

The Varadero heavy oil field recovered 76.80% of its total recoverable reserves, with peak production in 2015. The peak production was approximately 31.49 thousand bpd of crude oil and condensate. Based on economic assumptions, production will continue until the field reaches its economic limit in 2059. The field currently accounts for approximately 50% of the country’s daily output.


Remaining recoverable reserves

The field is expected to recover 90.11 Mmboe, comprised of 90.11 Mmbbl of crude oil & condensate. Varadero heavy oil field reserves accounts 0.21% of total remaining reserves of producing heavy oil fields globally.


About Cuba Petroleo

Cuba Petroleo SA (Cupet) is an oil and gas exploration company that supplies fuel and lubricants. The company offers services such as extraction of petroleum deposits, refining, and distribution of petroleum products. Cupet operates a chain of filling stations and also markets gasoline. The company also provides crude oil distribution services. Cupet also offers training, engineering, research, informatics and communication services. The company has its business operations in various geographical locations including Canada, Venezuela, Angola, Russia, China, and Vietnam. Cupet is headquartered in Centro Havana, Cuba.

Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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