During the discussion with Eric Mwangi, Senior Advisor at the Ministry of Energy of Kenya, several key points were highlighted, showcasing Kenya’s significant progress in the development of its energy sector, particularly in renewable energy resources. Kenya’s commitment to diversifying its energy mix and promoting sustainability has been the driving force behind these advancements.

One of the primary focuses of Kenya’s energy transformation is the harnessing of solar and wind energy. Mr. Mwangi emphasized the immense potential for renewable energy in the country, as evidenced by the Kenya Country Report on Solar and Wind Energy Resource Assessment in 2008. This report laid the groundwork for the country’s investment in solar energy projects to tap into its abundant solar resources, as indicated in the Energy and Petroleum Regulatory Authority (EPRA) Statistics Report of 2021.

The government of Kenya has been proactive in promoting renewable energy solutions, particularly solar energy, to enhance energy security and sustainability. The efforts made by the Ministry of Energy and EPRA to encourage the adoption of solar energy solutions have been instrumental in achieving these goals.

Moreover, Kenya’s pursuit of renewable energy aligns with its economic growth strategy, as highlighted in the Kenya National Bureau of Statistics (KNBS) Economic Survey of 2022. The country’s energy sector has played a significant role in contributing to economic development, attracting investments, and creating employment opportunities.

In addition to the economic benefits, Mr. Mwangi stressed that Kenya’s commitment to sustainable energy development has also contributed to its environmental goals. The efforts to promote renewable energy have been crucial in reducing carbon emissions and advancing environmental conservation in the country.

Key highlights:

  1. Kenya wants to take a quantum leap to reach 100GW by 2040 underpinned by renewable energy sources, and attract USD $300 billion in green energy investment;
  2. Kenya has a 10GW geothermal potential, a 57GW wind potential, and a 78GW solar potential;
  3. Although 92% of Kenya’s electricity grid is based on geothermal, wind, solar, and hydroelectric sources, the country is currently only tapping into less than 2% of its potential renewable energy generation capacity.

Key projects:

  1. Investment opportunities include emerging technologies such as green hydrogen and ammonia, battery storage, clean cooking, and Direct Air Capture (DAC); as well as investments in new high-growth high-energy intensive industries to stimulate and accelerate bankable demand;
  2. Kenya is proposing industrial parks located near renewable power plants, and expand through 12 of the country’s 47 counties.


During a discussion with Mr. Moustapha Bechir, Director General of Hydrocarbons at the Ministry of Petroleum, Energy and Mines of Mauritania, he highlighted that the country is actively pursuing its energy future and presenting lucrative investment opportunities in the country’s energy sector. With a comprehensive integrated energy vision, Mauritania aims to position itself as a low-carbon energy hub, particularly focusing on enabling green steel production.

As part of its energy strategy, Mauritania has outlined plans for infrastructure revamp, including the Gas Master Plan, which encompasses a gas-to-power vision, gas utilization in the mining sector, domestic gas supply, and the establishment of an energy-dedicated zone. These initiatives highlight the country’s commitment to developing a sustainable and diversified energy sector that can support economic growth and environmental objectives.

Additionally, Mauritania provided updates on its ongoing projects, such as Phases 1 and 2 of the Grand Tortue Ahmeyim (GTA) offshore liquefied natural gas (LNG) project on the maritime border of Mauritania and Senegal; the development of the BirAllah gas field located in ultra-deepwater in Mauritania; and a series of green hydrogen production projects including CWP Global’s 30GW Aman project, Chariot and Total EREN’s 10GW Nour project, BP’s 30GW Nassim project, and a 15GW project between Conjuncta and Infinity. These projects showcase Mauritania’s efforts to tap into its natural resources and capitalize on emerging opportunities in the energy sector.

Key highlights:

  1. Objective #1: reaching universal access to electricity by 2030;
  2. Objective #2: industrial and economical transformation driven by green H2 development;
  3. Coastal basin has promising potential, with 84 wells (including 4 in GTA Phase 1);
  4. Shell and TotalEnergies will begin drilling in 2023+ in Blocks C10, C2, and C15, respectively;
  5. Mauritania’s renewable energy potential is estimated at 4,000GW, of which 500GW are exploitable with strict respect for environmental standards.

Key project updates:

  1. GTA Phase 1 start-up by the end 2023 or beginning 2024;
  2. GTA Phase 2 GBS concept select maturation ongoing, FID targeted 2024-2025;
  3. GTA: 10 million tonnes per annum to be reached around 2030;
  4. BirAllah’s FID is targeted for Q1 2025;
  5. The Aman and Nour H2 projects are under study for development;
  6. MoUs signed for large scale green H2 project study include the Nassim project, and the project between Conjuncta and Infinity.


Morocco’s oil and gas potential, along with the latest developments and investment opportunities in the country’s energy sector, were recently discussed with Mr. Mohamed Zine, Director of Promotion and Hydrocarbon Asset Management at the National Office of Hydrocarbons and Mines of Morocco (ONHYM). The focus was on both onshore and offshore developments, highlighting the advancements and prospects in Morocco’s energy landscape.

The discussions also emphasized the untapped potential in Morocco’s conjugate margins and the strategies to capitalize on these emerging opportunities. Furthermore, the significance of the Nigeria-Morocco Pipeline project was explored, emphasizing its potential to transform the energy landscape and foster collaboration between the two countries, the West-African region in general, and Europe.

Morocco’s commitment to sustainable energy was a key highlight, with a focus on pioneering groundbreaking strategies in offshore wind, green hydrogen, and efuels projects. Morocco’s stable investment climate, minimized risks, and organized licensing framework were also discussed, which ensure an attractive environment for potential investors. The country’s strategic advantages include its low carbon footprint, high net backs, and stable investment environment.

Key highlights:

  1. Morocco is currently ranked 3rd in Africa and 3rd in North Africa + MENA in Doing Business;
  2. Morocco is located in a strategic location: along the Strait of Gibraltar between Europe and Africa, leveraged to transform the country into a regional hub for North, West, and Sub-Saharan Africa for shipping, logistics, finance, manufacturing, assembly and sales;
  3. The country’s natural gas production is 3.5 billion cf, while its consumption is around 1.1 billion cf;
  4. Gas infrastructure includes transportation of gas through the Maghreb-Europe pipeline, which started working in 1996 with a capacity of 10 billion m3/year. There’s a future development of transport and distribution of gas (LNG terminal and gas pipeline) in order to insure the security of the future and the continuity of the country’s supply;
  5. Oil infrastructure includes modernization of the existing refining installations and extension of their capacities (from 7.7 to 10 million tons per year), a continuous development of distribution activities (system of service stations, petroleum product stocking capacity, filling up of GPL), and the development of GPL-supply infrastructure needs;
  6. Since 2008, Morocco has had intensive exploration activities in the Gharb Basin crowned by the drilling of 15 offshore wells, and gas discoveries in Boujdour, Tanger-Larache and Ifni offshore;
  7. Status of exploration includes:  232 361 kilometres of 2D seismic (25% onshore et 75% offshore), 72 434 square kilometres of 3D seismic data (over 95% offshore), and 364 drilled wells both in onshore and offshore;
  8. According to the Fraser Institute, Morocco is ranked 17th in the world regarding the tax regime applicable in the Hydrocarbon E&P sector.

Key projects:

  1. Morocco currently has 13 petroleum agreements, including the 2,935 square kilometre Boujdour Atlantique exploration area between ONHYM, Newmed Energy, and Adarco Energy;
  2. The country also has 3 reconnaissance contracts (Zag, Dakhla Atlantique, and Oualidia), 3 blocks under negotiation (Rossana Offshore, Lagzira Offshore, and Boujdour Offshore), as well as 30 open acreages (15 offshore and 15 onshore);
  3. Together with the Nigerian National Petroleum Corporation (NNPC), ONHYM has also proposed the Nigeria-Morocco pipeline, which will cover 5,660 kilometres through 13 countries, have a capacity of 30 billion cubic m/year, and cost around USD $25 billion. The starting year is set to 2046.


During the insightful discussion with Natacha Massano, Executive Board Member, and Alcides Andrade, Negotiations Director at the Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG) of Angola, a comprehensive overview of the country’s energy sector and its efforts towards sustainability and development was presented.

The discussion shed light on Angola’s vast energy resources and the potential for renewables. As a country rich in oil and gas reserves, Angola has long been a key player in the global energy market. The conversation highlighted the importance of optimizing the exploration and production of hydrocarbons while also recognizing the significance of diversifying the energy mix to include renewable sources. By exploring the potential for renewables, Angola aims to capitalize on its natural resources sustainably and contribute to the global efforts towards carbon reduction and environmental preservation.

Furthermore, the discussion provided insights into Angola’s current energy projects and achievements in the sector. The nation’s commitment to responsible and transparent energy practices was emphasized, showcasing its efforts to attract investment and foster partnerships for the development of energy infrastructure. Angola’s dedication to expanding its energy capacity and ensuring energy security was evident throughout the conversation.

In addition, the discussion delved into Angola’s plans for sustainable development and the exploration of new energy opportunities. As the global energy landscape evolves, Angola is keen to embrace technological advancements and innovative practices in the sector. The country is actively seeking opportunities to enhance its energy portfolio, promote efficient use of resources, and strengthen its energy resilience.

Key highlights:

  1. Angola is the largest oil producer in the Sub-Saharan Africa, and ranks among the 20 largest oil producers in the world;
  2. The country currently holds the 5th position, as one of the most attractive countries worldwide, with an oil & gas opportunities success rate of over 30%, and more than USD $60 billion of investments outlook for the next 5 years. Angola expects to have USD $15.37 billion in investment in 2024 alone.
  3. Upstream operators include Chevron, TotalEnergies, Equinor, Esso, Galp Energia, Petronas Gas, Azule Energy, Etu Energias, and Sonangol;
  4. Currently there’s an ongoing concession licensing round for 4 blocks in the Congo basin, as well as 8 blocks in the Kwanza basin. Another concession licensing round is expected in 2025 for 7 blocks in the Kwanza basin, and 3 blocks in the Benguela basin). Over 26 blocks have been awarded since 2019;
  5. A 59% increase in investments is forecasted, considering the upcoming 2023 Bid Round, and awarded blocks from previous licensing rounds;
  6. Key steps to energy transition include policy development, implementation of gas projects, promotion of renewables, and embracing environmentally friendly technologies.

Key projects:

  1. Angola currently has 16 concessions under production (3 onshore, 5 shallow water, 6 deep water, 2 ultra deep water), 19 concessions under exploration (11 onshore, 1 shallow water, 6 deep water, and 1 ultra deep water), 4 concessions under development (4 deep water), and 9 concessions under negotiations (2 onshore, and 7 deep water).


In a compelling discussion led by Alice Uwase, Head of Mines, Petroleum, and Gas Exploration Department at the Petroleum and Gas Board of Rwanda, Rwanda’s ambitious plans to unlock its energy future were unveiled through a series of engaging topics.

Firstly, the conversation delved into the importance of data, policy, and international partnerships in Rwanda’s energy journey. Mrs. Uwase shed light on the nation’s strategic approach to harnessing data-driven insights, implementing robust policies, and fostering collaborations with global partners to accelerate its energy development endeavors.

A significant highlight of the discussion was the revelation of the results from the 2D-seismic survey conducted in Lake Kivu, which unveiled promising commercial oil and gas potential in the region. Rwanda’s efforts to explore and harness this potential resource were showcased, signaling the country’s commitment to tapping into its natural reserves responsibly and sustainably.

Moreover, Mrs. Uwase emphasized Rwanda’s dedication to providing attractive partnership offerings for exploration and production (E&P) companies. The nation’s openness to collaboration on upcoming energy projects presented valuable opportunities for investors to participate in Rwanda’s energy sector and contribute to its sustainable growth.

Through this illuminating conversation, it became evident that Rwanda is steadfast in its pursuit of energy development and is laying a solid foundation for a prosperous and sustainable energy future. With a strategic focus on data-driven policies, responsible resource exploration, and fostering international collaborations, Rwanda is poised to become a key player in the global energy landscape.

Key highlights:

  1. Rwanda is ranked as the second easiest place to do business in Africa by the World Bank, and has been awarded for its leadership in tourism and economic competitiveness;
  2. Rwanda has a strategy to harness a 2D Seismic Survey. The main objective of this survey is to acquire quality exploration seismic data over parts of Lake Kivu to improve imaging of the subsurface and further improve the understanding of the basin thickness, structure and stratigraphy in support of hydrocarbon exploration;
  3. Lake Kivu is part of the Western branch of the African rift system and represents a sedimentary basin formed as part of a graben structure. The waters of the lake itself are known to be stratified and hold significant concentrations of dissolved carbon dioxide and methane, the latter being currently exploited;
  4. EPI Limited, a United Kingdom based company, provided QC/QA of the entire survey. It was provided by Sound Oceanics, a United States company based in Houston, and was processed and interpreted by the Polish company Geofyzika Torun;
  5. The total 32 x 2D seismic lines have an average length of 14 kilometres and a total 457-line kilometre seismic data.



Uruguay’s groundbreaking energy strategy in 2023, driven by offshore wind, green hydrogen, and efuels projects, was the focus of discussion with ANCAP’s President, Mr. Alejandro Stipanicic. The exchange highlighted the country’s stable investment climate, minimized risks, and organized licensing framework by ANCAP, making it an attractive destination for energy investments.

Moreover, the discussion underscored Uruguay’s commitment to sustainable development through renewable energy and biomass production. The country also showcases a comprehensive roadmap for green H2 generation, exports, and global market positioning, reflecting its ambition to become a leading player in the green energy sector.

Uruguay’s energy strategy prioritizes the promotion of a clean and sustainable energy sector. The stable investment climate, coupled with a strong focus on renewable energy sources, positions Uruguay as an ideal destination for investors seeking long-term sustainability and profitability.  By pioneering offshore wind projects, developing green hydrogen capabilities, and promoting efuels projects, Uruguay is leading the way in harnessing the potential of clean energy sources. Discussions also underscored the country’s dedication to reducing carbon emissions and creating a more sustainable energy future.

Key highlights:

  1. ANCAP is the leader in the Uruguayan market of fuels, lubricants, portland cement, and biofuels production, with 18 industrial locations, 285 service stations, and USD $3.6 billion in income;
  2. ANCAP’s role in the country’s H2 roadmap include infrastructure and offshore components;
  3. ANCAP will be the Uruguayan state agent for the H2U Offshore Round;
  4. Uruguay and Namibia share geological similarities, a key for future success;

Key projects:

  1. HVO/SAF project at La Teja Refinery;
  2. 7 offshore blocks to be awarded to Shell (3), Challenger Energy Group (2), YPF (1), and APA Corporation (1);
  3. Estimated potential for each 760 km2 block (500 km2 to avoid wake effect) is 3GW (200 kt of H2) per year:
  4. The Paysandú e-gasoline project will deliver 2GW of renewable electricity;


During a discussion with Nick Montevecchi, Exploration Geophysicist at OILCO, exploration, investment, and growth opportunities in Newfoundland and Labrador’s (NL) offshore were presented. The focus was on highlighting the region’s petroleum prospectivity and the strategic advantages it offers to investors.

The discussion showcased an established data acquisition strategy that has de-risked frontier basins and identified global-scale prospects for oil and gas investment in NL. Furthermore, the discussion provided insights into Newfoundland’s petroleum potential, emphasizing the upcoming offshore license rounds in 2023, and the prospects they hold for exploration and development.

The strategic advantages of the region were also featured, including its low carbon footprint, high net backs, and stable investment environment. Newfoundland and Labrador’s commitment to environmental sustainability and responsible energy practices were highlighted, making it an attractive destination for investors seeking both profitability and a reduced environmental impact.

The discussion also emphasized the region’s established infrastructure, experienced workforce, and supportive regulatory framework, all of which contribute to a conducive environment for energy exploration and investment.

Key highlights:

  1. With lower costs and emissions per barrel, combined with predictable and scheduled licensing rounds, offshore Newfoundland and Labrador is the top production region in eastern Canada, and one of the leading exploration jurisdictions in the world;
  2. Financials include USD $300 million in 2022 total oil revenues, approximately USD $160 million in dividends earned from equity investments, and very high netbacks realized due to operating costs basis of USD $10-15 per barrel;
  3. Competitive cost per barrel with total life of field development costs at approximately USD $20-30 per barrel;
  4. OILCO’s current net production is approximately 10,000 barrels per day;
  5. The company has also identified 20+ prospects with potential oil reserves of approximately 1 billion barrels.

Key projects:

  1. The region has 8kboepd Brent price-linked net oil production from 3 assets with sizeable net remaining 2P reserves of 35mmboe;
  2. Additional upside from large assets (700mmboe+ gross) with near-field growth opportunities, production optimization, and field life extension;
  3. 30-year reserve life: more than 30 million 2P reserves to be produced.


During an insightful discussion with Nicolas Poblete, Trade Commissioner Chile-UK at ProChile, a comprehensive overview of Chile’s energy landscape and its commitment to sustainability and innovation was presented.

Chile’s abundant natural conditions and unique opportunities for renewable energy development were highlighted during the conversation. With vast solar irradiation in the Atacama Desert and favorable wind conditions along its extensive coastline, Chile is well-positioned to harness solar and wind power, making renewable energy a promising avenue for the country’s energy future. Chile’s dedication to maximizing its renewable energy potential and capitalizing on its natural resources to drive sustainable energy solutions was emphasized.

The discussion also shed light on the current state of the energy sector in Chile, showcasing the country’s remarkable achievements. Chile has made significant strides in expanding its renewable energy capacity and diversifying its energy mix, reducing its reliance on fossil fuels and embracing cleaner alternatives. Mr. Poblete introduced Chile’s flagship renewable energy projects, which exemplify the nation’s strong commitment to sustainability and energy transition.  

A key highlight of the conversation was Chile’s ambitious plans for green hydrogen production. Chile aims to be at the forefront of the global green hydrogen market, with strategic plans for production, distribution, and exportation. By leveraging its renewable energy potential, Chile is keen to become a major player in the green hydrogen industry, presenting exciting opportunities for both domestic use and international trade. The commitment to green hydrogen underscores Chile’s dedication to sustainable development and positioning itself as a leader in the renewable energy revolution.

Key highlights:

  1. Chile pledged to become a Net-Zero emission country by 2050;
  2. Chile’s National Carbon Neutrality Plan consists of a 50% CO2 reduction through energy efficiency (35%), renewable energy (22%), electromobility (18%), and green hydrogen (24%), as well as another 50% CO2 reduction through forest capture;
  3. 1.900 electric public buses in Santiago (27% of the entire fleet). Chile has a goal to only trade new electric vehicles by 2035;
  4. At the end of 2022 Chile had a total installed capacity of 33GW. 62.0% of the installed capacity comes from renewable sources (22% hydroelectric, 24% solar, 13% wind, 2% biomass, and 0.3% geothermal);
  5. Chile has 1.800+ GW of renewable energy potential, which amounts for 70 times the current installed capacity;
  6. Chile’s energy strategy has the ambition to produce the cheapest green hydrogen on the planet (<1.5 USD/kg). The country has the potential for a 160 Mton yearly green hydrogen production. The strategy also consists of becoming leaders in the production of green hydrogen via electrolysis (25GW), and leaders in the export of green hydrogen and derivatives (2.5 billion USD/year).

Key projects:

  1. Key GH2 projects include Engie’s HYEX project, Air Liquide’s AMER methanol project, GNL Quintero’s Green Hydrogen Bahía Quintero project, Linde’s Hydro Aconcagua project, CAP’s CAP H2V project, and Enel and HIF’s Faro del Sur project, among many others.
  2. MoUs already signed for collaboration and co-leadership on the GH2 industry with: Singapore, Ports of Rotterdam, Antwerp-Brugges, and Hamburg;
  3. Joint statements with: United Kingdom, France, Germany, Netherlands;
  4. In 2021 USD $50 million were distributed by the Chilean Economic Development Agency to finance green hydrogen projects for 10+MW electrolysis facilities;
  5. In 2022 Chile launched the Green H2 Venture Capital fund with a target size of USD $300 million and a presence in the United Kingdom, United States and Chile.
  6. In 2023 the government launched a Fund for USD $1 billion for the development of GH2 projects in Chile, seeking to leverage investments by USD $12.5 billion. In the same year, the Chilean government and the European Union launched two new cooperation initiatives on renewable hydrogen worth 225 million euros.


In a captivating conversation led by Ysabel Calderón Cahua, Promotion and Contracting Manager at Perupetro, Peru’s unexplored energy potential and its commitment to a “just transition” were highlighted, along with the country’s rapidly growing economy and its focus on cleaner energies.

One of the key points discussed was Peru’s vast unexplored potential in the hydrocarbon sector. With 18 hydrocarbon basins, out of which only 5 are currently in production, Peru has significant untapped resources. The country’s vision of a “just transition” encompasses not only sustainable development but also the responsible and sustainable use of these valuable resources.

The discussion also shed light on Peru’s rapidly growing economy, which continues to solidify its position in the region. The nation’s commitment to fostering a thriving energy sector contributes significantly to its economic growth and overall development.  Peru’s exploration prospects were another highlight of the conversation, with 31 fascinating projects in the pipeline for upcoming oil and gas ventures. The exploration endeavors hold the promise of unlocking new opportunities and expanding Peru’s energy landscape.

In line with the global movement towards cleaner energies, Peru has been actively exploring its ample natural gas reserves, particularly through the Camisea Project. The country recognizes the importance of transitioning to cleaner energy sources and is exploring potential areas for further development.

Key highlights:

  1. Between 2003 and 2021, Peru’s energy production through natural gas grew from less than 0.05 quad BTU to a staggering 0.6 quad BTU – this accounts to 48% of the total energy production. Energy production through petroleum and other liquids maintained itself around 0.2 quad BTU during the same period – this accounts to 21% of the total energy production;
  2. Similarly, energy production through hydroelectricity grew during the same period from 0.2 quad BTU to 0.3 quad BTU – this accounts to 29% of the total energy production;
  3. Long duration contracts: exploration phase of 7 years + 3 years extension, and a production phase of up to 30 years (oil and associated-gas production) and up to 40 years (non-associated gas production);
  4. License contracts: royalties from  5% to 20%, depending on the volume of production; or from 15% to 35% depending on a “R” Factor (reduction is considered in case of mature fields);
  5. According to Law Nº 26221, companies can request direct negotiation with Perupetro for an available area as long as there’s only one interested company;
  6. Peru has proven + probable oil reserves for the next 13.3 years, gas for 19.4 years, and LNG for 13.7 years;
  7. Peru has contingent 2C oil resources for 68.6 years, gas for 27.6 years, and LNG for 20.4 years.

Key projects:

  1. Peru has 18 basins with potential, but only 5 in production. The country has produced 2,577 MMbls of oil, and 7,4 tcf of gas;
  2. Promotion areas include Area 14 in the Marañón Basin, Area 8 in the Ucayali Basin, Area 3 in the Madre de Dios Basin, Area 5 in the Salaverry Basin, and Area 1 in the Tumbes Basin;
  3. Gas reserves in the Camisea region have a cumulative production (Dec. 2022) of 5.67 tcf of gas and 490.6 MMSTB of LNG. Reserves 2P in the region are around 10.511 tcf of gas, and 510.5 MMSTB of LNG. Contingent resources 2C in the region are around 3.592 tcf of gas, and 150.8 MMSTB of LNG. Prospective resources 2U in the region are around 1.357 tcf of gas.


​​During an engaging discussion led by Juan Andrés Barrizonte, General Manager, Comercial at CUPET, Cuba’s flourishing 2023 upstream prospects were unveiled, along with the country’s promising national opportunities and success stories from recent exploration campaigns.

One of the key points discussed was Cuba’s thriving upstream prospects for 2023. CUPET’s General Manager revealed recent exploration triumphs, showcasing the nation’s dedication to unlocking its untapped energy potential. The discussion shed light on the top strategies for fruitful collaborations in the energy sector, emphasizing Cuba’s commitment to fostering partnerships that drive success and mutual benefits.

Insights into Cuba’s promising national upstream opportunities were another highlight of the conversation. As the country explores new avenues for energy development, CUPET’s leadership highlighted the potential for growth and advancement in the sector.  Success stories from recent exploration drilling campaigns in Cuba exemplified the nation’s progress in its energy endeavors. CUPET’s achievements in exploration serve as a testament to Cuba’s potential as an emerging player in the energy landscape.

The discussion also focused on effective collaboration strategies with CUPET to ensure success in exploration and production (E&P) efforts. Cuba’s willingness to engage in productive partnerships demonstrates its eagerness to build a strong and sustainable energy future.

Key highlights:

  1. CUPET accounts for 26 enterprises, 3 joint ventures and 10 E&P risk contracts;
  2. More than 99% of national production comes from the Northern Oil Belt (NOB), area ~750 square kilometres, and has been exploited for ~50 years;
  3. Cuba’s daily production accounts for  ~45,000 bl/d  and ~2,700,000 m³ gas/d. Oils are mainly heavy (8-15°API) in NOB;
  4. Cuba has 4 refineries: Ñico López, Sergio Soto, H. Díaz, and Cienfuegos;
  5. Cuba has an attractive fiscal regime with no signature bonus, no royalties or rentals, and a 15% income tax.

Key projects:

  1. Business opportunities include exploration and production projects on available blocks. (onshore – shallow water – Exclusive Economic Zone);
  2. 41 onshore and shallow water blocks: 25 available, 2 under negotiation, 5 under evaluation, and 8 under contract;
  3. 92 Exclusive Economic Zone (EEZ) blocks: all 92 are available;
  4. Block 6A: 2D data has been reprocessed to a PSDM. 3D processing completed in 2019. Integrated geological data including surface geology and well data with reprocessed seismic. Prospective area identified. Final interpretation of the reprocessed 3D is completed. A drillable prospect has been identified;
  5. Block 10:  drilled one exploratory well. Oil and gas was produced in small amounts from the wellbore after acidizing. However, water cuts increased substantially suggesting a breakthrough to the lost circulation zone. Remedial work has been undertaken and has not been successful;
  6. Cuba will begin drilling carbonates in the central province early 2024. Oil is expected to be light, given the known oil in the overlying Pina Field. Prospective resource is currently being independently certified, and expected to be >200MMStb. Estimated well depth is ~4,200m TVD, and estimated well costs are around ~USD $12 million;
  7. Cuba has had 4 exploratory wells from 2017-2020: 2 discoveries, 50% success.
  8. BCL-300 exploration well, drilled in 2017, has produced > 1,200,000 bl of 22°API oil in 4 years. In 2020, the SMN-1000 well planned to contour the structure, the results were not the same from a productive viewpoint since the well just produced ~15-20 ton/d. Consequently the structure was re-mapped;
  9. Block 7 (offshore): from 2020 to 2022: 5 wells, (~1600-2000m TVD) have revealed four independent oil reservoirs. These are currently producing 4700 bbls per day, 17 0API.



During a discussion with Mateus Da Costa, Executive Director for Explorations at the National Authority of Petroleum and Minerals (ANPM), the latest opportunities and accomplishments in Timor-Leste’s oil and gas sector were presented. The discussions focused on various aspects of the industry, shedding light on the country’s ongoing efforts to attract investment and foster growth in the sector.

Updates were provided on the recently concluded licensing round, highlighting the progress made and the search for financial partners to propel projects forward. The discussion showcased the potential of Timor-Leste’s oil and gas reserves and the opportunities available for exploration and development.  The discussion also delved into the CCUS (Carbon Capture, Utilization, and Storage) project, highlighting its accomplishments and the impact it has had on reducing carbon emissions. The CCUS project represents Timor-Leste’s commitment to sustainable practices and responsible energy development.

Talks also emphasized the potential partnership opportunities in Timor-Leste’s oil and gas sector, showcasing the country’s willingness to collaborate with international investors and industry players. Timor-Leste’s rich natural resources and strategic location were highlighted as key factors that make it an attractive destination for energy exploration and investment.

Key highlights:

  1. In march 2023, the government of Timor-Leste launched its first-ever licensing round (minerals tender) for mineral exploration, offering a total of 49 concession areas for investment.
  2. Timor-Leste’s licensing round includes the new release of 7 onshore blocks (A-G), and 11 offshore blocks (H-R);
  3. Companies that submitted bids included: Dravida Petroleum, Eni Australia, ETO (2 blocks), HTS Exploration, Santos, Supernova Energy, and TIMOR GAP (2 blocks);
  4. Of the 18 blocks, only 5 were awarded: 3 onshore (A, B, and F), and 2 offshore (P and R);
  5. Timor-Leste has currently signed 9 offshore PSCs and 4 onshore PSCs, and is expecting to sign an additional 2 offshore PSCs and 2 onshore PSCs.

Key projects:

  1. The Bayu Undan CCS will be able to store safely and permanently 10 million tons of CO2 per annum which will as one of the World Biggest CCS project in the Southern Hemisphere;
  2. The captured CO2 collected around in the fields around southern Australasia could be processed and liquified at the DLNG then being transported through the Bayu Undan existing pipelines for sequestration at the Bayu Undan facilities;
  3. Timor-Leste may also establish other CO2 liquefaction facilities at the Timor-Leste onshore south coast area alongside with its LNG facilities.

About the Author: Felipe Gaitán Michelsen