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Following the successful Cuban Revolution (1953–59), a socialist state was established in Cuba. In total, Cuba nationalized roughly 6,000 American owned properties. [4] The many individual oil and gas facilities were compacted into a single, state controlled company, The Cuba Oil Union (Spanish: Unión Cuba-Petróleo).
Cuba has three producing offshore oil fields within 5 km of its north coast. [2] A 2004 partnership between Spanish oil company Repsol-YPF and Cuba's state oil company Cupet estimated Cuba's off-shore reserves to be able to ultimately produce between 4.6 and 9.3 billion barrels of crude oil. [3]
Communist-run Cuba on Tuesday imposed sweeping price controls on all state and private businesses as it battles a deepening economic crisis and mounting U.S. sanctions. Resolutions published in ...
The prime minister also said the government wants to control the cost of dollars — which is exchanged at 120 pesos for a dollar at a restricted official market but is sold on the street for 275 ...
Cuba runs short on fuel at pump as energy crisis festers December 13, 2024 at 4:26 PM HAVANA (Reuters) - Cubans still reeling from months of hours-long blackouts now have a new problem on their ...
The economy of Cuba is a planned economy dominated by state-run enterprises. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. In the late 2010s, private property and free-market rights along with foreign direct investment were granted by the 2018 Cuban constitution.
Linn Energy, Inc. was a hydrocarbon exploration company based in Houston.In 2018, the company split into Roan Resources and Riviera Resources. As of December 31, 2017, the company had 1.968 trillion cubic feet equivalent of estimated proved reserves, of which 8% were petroleum, 70% were natural gas, and 22% were natural gas liquids.
Cuba put off a five-fold increase in gasoline prices planned for Feb. 1 due to a cyberattack, Economy Vice Minister Mildrey Granadillo said on Wednesday, a sudden about-face just hours before the ...