1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Cuba Energy Sector 11
2.1 Cuba Energy Sector, Market Overview 11
2.2 Cuba Energy Sector, Crude Oil 12
2.2.1 Cuba Crude Oil, Overview 12
2.2.2 Cuba Crude Oil, Supply and Demand Balance 12
2.2.3 Cuba Crude Oil, Regulatory Structure 18
2.2.4 Cuba Crude Oil, Infrastructure 18
3 Cuba Fiscal Regime 20
3.1 Cuba Petroleum Fiscal Environment 20
3.2 License Terms 20
3.3 Key Fiscal Terms 21
3.4 Sample Cashflows Calculations 22
4 Cuba Oil Upstream Investment Environment Benchmarking 23
4.1 Introduction 23
4.2 The Overall Ranking 23
4.3 Upstream Fiscal Attractiveness 24
4.3.1 Maximum Government Take Index 25
4.3.2 Maximum State Participation Index 25
4.3.3 Domestic Market Obligation Index 25
4.4 Oil Sector Performance 26
4.4.1 Exploration Activity 28
4.4.2 Oil Production 29
4.4.3 Oil Reserves 29
4.4.4 Oil Consumption 29
4.4.5 Refining Industry 30
4.5 Economic Performance 30
4.5.1 GDP Growth Index 32
4.5.2 FDI Confidence Index 32
4.5.3 Balance of Trade Index 32
4.6 Socio-Political Performance 32
4.6.1 Democracy Index 34
4.6.2 Governance Index 34
5 Cuba Exploration and Production Sector 35
5.1 Cuba Exploration and Production Sector, Country Snapshot 35
5.1.1 Cuba Exploration and Production Sector, Key Data 35
5.1.2 Cuba Exploration and Production Sector, Crude Oil Assets Map 35
5.2 Cuba Exploration and Production Sector, Gross Crude Oil Production 36
5.2.1 Cuba Exploration and Production Sector, Gross Crude Oil-Historical Production 36
5.2.2 Cuba Exploration and Production Sector, Gross Crude Oil Production by Assets 37
5.2.3 Cuba Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 37
5.2.4 Cuba Exploration and Production Oil Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production 38
5.3 Cuba Exploration and Production Sector, Gross Crude Oil Forecasts 39
5.3.1 Cuba Exploration and Production Sector, Gross Crude Oil Forecasted Production 39
5.3.2 Cuba Exploration and Production Sector, Gross Revenue Forecast 40
5.3.3 Cuba Exploration and Production Sector, Government Take Forecast 40
5.3.4 Cuba Exploration and Production Sector, Contractor Take Forecast 40
5.4 Cuba Exploration And Production Sector, Crude Oil Asset Details 41
5.4.1 Cuba Exploration And Production Sector, Active Crude Oil Asset Details 41
6 Cuba Pipeline Sector 42
6.1 Cuba Pipeline Sector, Key Data 42
6.2 Cuba Pipeline Sector, An Overview 42
6.3 Cuba Pipeline Sector, Comparision of Key Crude Oil Pipeline Companies 42
6.4 Cuba Pipeline Sector, Crude Oil Pipelines 43
7 Cuba Refining Sector 44
7.1 Cuba Refining Sector, Key Data 44
7.2 Cuba Refining Sector, An Overview 44
7.2.1 Cuba Refining Sector, Total Refining Capacity 44
7.3 Cuba Refining Sector, Capacity- Wise Market Share by Company 45
7.4 Cuba Refining Sector, Crude Distillation Unit Capacity 47
7.5 Refining Industry In Cuba, Fluid Catalytic Cracking Capacity 47
8 Profile of Petroleos de Venezula S.A 48
8.1 Petroleos de Venezula S.A, Key Information 48
8.2 Petroleos de Venezula S.A, Company Overview 48
8.3 Petroleos de Venezula S.A, Business Description 48
8.3.1 Petroleos de Venezula S.A, Business Description, Business Overview 48
8.3.2 Petroleos de Venezula S.A, Business Description, Exploration and Production 49
8.3.3 Petroleos de Venezula S.A, Business Description, Gas 50
8.3.4 Petroleos de Venezula S.A, Business Description, Refining, Trade and Supply 51
8.3.5 Petroleos de Venezula S.A, Business Description, Major Products and Services 53
8.4 Petroleos de Venezula S.A, Business Description, Value Chain Analysis 54
8.4.1 Petroleos de Venezula S.A, Business Description, Upstream 54
8.4.2 Petroleos de Venezula S.A, Business Description, Midstream 55
8.4.3 Petroleos de Venezula S.A, Business Description, Downstream 56
8.4.4 Petroleos de Venezula S.A, Business Description, Retail 56
8.5 Petroleos de Venezula S.A, SWOT Analysis 57
8.5.1 Petroleos de Venezula S.A, SWOT Analysis, Overview 57
8.5.2 Petroleos de Venezula S.A, SWOT Analysis, Strengths 58
8.5.3 Petroleos de Venezula S.A, SWOT Analysis, Weaknesses 59
8.5.4 Petroleos de Venezula S.A, SWOT Analysis, Opportunities 59
8.5.5 Petroleos de Venezula S.A, SWOT Analysis, Threats 61
8.6 Petroleos de Venezula S.A, Revenue Analysis 62
8.6.1 Petroleos de Venezula S.A, Revenue by Segment 62
8.6.2 Petroleos de Venezula S.A, Revenue by Geography 62
8.7 Petroleos de Venezula S.A, Financial and Operational Review 63
8.7.1 Financial Statements 63
8.7.2 Financial Ratios 64
9 Profile Of Petroleo Brasileiro S.A. 65
9.1 Petroleo Brasileiro S.A., Key Information 65
9.2 Petroleo Brasileiro S.A., Company Overview 65
9.3 Petroleo Brasileiro S.A., Business Description 65
9.3.1 Petroleo Brasileiro S.A., Business Description, Business Overview 65
9.3.2 Petroleo Brasileiro S.A., Business Description, Distribution 65
9.3.3 Petroleo Brasileiro S.A., Business Description, Exploration and Production 66
9.3.4 Petroleo Brasileiro S.A., Business Description, Gas and Energy 68
9.3.5 Petroleo Brasileiro S.A., Business Description, International 69
9.3.6 Petroleo Brasileiro S.A., Business Description, Supply 70
9.4 Petroleo Brasileiro S.A., Value Chain Analysis 72
9.4.1 Petroleo Brasileiro S.A., Value Chain Analysis, Upstream 72
9.4.2 Petroleo Brasileiro S.A., Value Chain Analysis, Midstream 73
9.4.3 Petroleo Brasileiro S.A., Value Chain Analysis, Downstream 74
9.4.4 Petroleo Brasileiro S.A., Value Chain Analysis, Retail 75
9.5 Petroleo Brasileiro S.A., SWOT Analysis 75
9.5.1 Petroleo Brasileiro S.A., SWOT Analysis, Overview 75
9.5.2 Petroleo Brasileiro S.A., SWOT Analysis, Strengths 76
9.5.3 Petroleo Brasileiro S.A., SWOT Analysis, Weaknesses 77
9.5.4 Petroleo Brasileiro S.A., SWOT Analysis, Opportunities 78
9.5.5 Petroleo Brasileiro S.A., SWOT Analysis, Threats 78
9.6 Petroleo Brasileiro S.A., Revenue Analysis 79
9.6.1 Petroleo Brasileiro S.A., Revenue by Segment 79
9.6.2 Petroleo Brasileiro S.A., Revenue by Geography 80
9.7 Petroleo Brasileiro S.A., Financial and Operational Review 81
9.7.1 Financial Statements 81
9.7.2 Financial Ratios 82
10 Petroliam Nasional Berhad (PETRONAS) 83
10.1 Petroliam Nasional Berhad (PETRONAS), Key Information 83
10.2 Petroliam Nasional Berhad (PETRONAS), Company Overview 83
10.3 Petroliam Nasional Berhad (PETRONAS), Business Description 83
10.3.1 Petroliam Nasional Berhad (PETRONAS), Business Description, Business Overview 83
10.3.2 Petroliam Nasional Berhad (PETRONAS), Business Description, Exploration and Production Segment 84
10.3.3 Petroliam Nasional Berhad (PETRONAS), Business Description, Gas Business Segment 85
10.3.4 Petroliam Nasional Berhad (PETRONAS), Business Description, Logistics and Maritime Segment 86
10.3.5 Petroliam Nasional Berhad (PETRONAS), Business Description, Oil Business Segment 87
10.3.6 Petroliam Nasional Berhad (PETRONAS), Business Description, Petrochemicals Segment 88
10.4 Petroliam Nasional Berhad (PETRONAS), Value Chain Analysis 89
10.4.1 Petroliam Nasional Berhad (PETRONAS), Value Chain Analysis, Upstream 89
10.4.2 Petroliam Nasional Berhad (PETRONAS), Value Chain Analysis, Midstream 90
10.4.3 Petroliam Nasional Berhad (PETRONAS), Value Chain Analysis, Downstream 91
10.4.4 Petroliam Nasional Berhad (PETRONAS), Value Chain Analysis, Retail 92
10.5 Petroliam Nasional Berhad (PETRONAS), SWOT Analysis 93
10.5.1 Petroliam Nasional Berhad (PETRONAS), SWOT Analysis, Overview 93
10.5.2 Petroliam Nasional Berhad (PETRONAS), SWOT Analysis, Strengths 93
10.5.3 Petroliam Nasional Berhad (PETRONAS), SWOT Analysis, Weaknesses 94
10.5.4 Petroliam Nasional Berhad (PETRONAS), SWOT Analysis, Opportunities 95
10.5.5 Petroliam Nasional Berhad (PETRONAS), SWOT Analysis, Threats 96
10.6 Petroliam Nasional Berhad (PETRONAS), Revenue Analysis 97
10.6.1 Petroliam Nasional Berhad (PETRONAS), Revenue by Segment 97
10.6.2 Petroliam Nasional Berhad (PETRONAS), Revenue by Geography 98
10.7 Petroliam Nasional Berhad (PETRONAS), Financial and Operational Review 99
10.7.1 Financial Statements 99
10.7.2 Financial Ratios 100
11 Financial Deals Landscape 101
11.1 Detailed Deal Summary 101
11.1.1 Asset Transactions 101
12 Recent Developments 103
12.1 Strategy and Business Expansion 103
12.1.1 Jan 23, 2009: Russian Group Sings MoU With Cubapetroleo 103
12.1.2 Jan 23, 2009: Pebercan Announces Termination Of Production Sharing Contract 103
12.1.3 Nov 27, 2008: CNPC And Cupet Sign Framework Agreement For Cooperation In Oil Sector 104
12.1.4 Oct 31, 2008: Petrobras And Cupet To Jointly Explore Block 37 In Cuban Sea, Cuba 105
12.1.5 Oct 28, 2008: Petrobras To Partner With Cuba Petroleo To Produce Oil In Cuba 105
12.1.6 Jul 01, 2008: Cupet And Petrobras To Enter Into Exploration Deal 105
12.1.7 May 30, 2008: Petrobras Moves Forward With Cuban Plans 106
12.1.8 Jan 15, 2008: Petrobras Signs Cooperation Agreement With Cupet 107
12.2 Recent Discoveries 108
12.2.1 Jan 24, 2009: OVL Finds Two Hydrocarbon Leads In Cuban Deepwater Block 108
12.3 Drilling and Production Updates 108
12.3.1 Mar 19, 2009: Petrobras May Commence Drilling At Offshore Cuba Within A Year 108
12.3.2 Feb 17, 2009: Cupet To Drill 24 Wells In 2009 109
12.3.3 Jun 24, 2008: Cupet To Begin Offshore Oil Exploration 110
12.4 Other Significant Developments 110
12.4.1 Mar 29, 2009: Cuba Drills Oil Well Without Foreign Partner 110
12.4.2 Mar 22, 2009: Cuba To Maintain Oil Production Levels In 2009 111
12.4.3 Feb 25, 2009: Cuba Anticipates More Oil Prospects In Gulf of Mexico 111
12.4.4 Dec 03, 2008: Cuba Oil Output To Increase In Mid-Term 112
12.4.5 Aug 01, 2008: Sherritt Gives Up Four Offshore Cuba Blocks 113
12.4.6 Jul 14, 2008: Venezuela To Construct $4.3 Billion Refinery In Cuba 114
12.4.7 Jul 02, 2008: Mexico To Start Negotiations With US And Cuba 114
12.4.8 Jul 01, 2008: India To Enter Into Hydrocarbon Pact With Cuba 115
12.4.9 Jun 30, 2008: Cuba To Increase Its Refining Capacity 115
12.4.10 Apr 16, 2008: Cuba Postpones Crude Oil Strip Drilling To 2009 116
12.4.11 Jan 24, 2008: US Senator Claims Drilling Offshore Cuba Could Threaten Florida 117
12.4.12 Dec 26, 2007: Cuban Oil Production Tops 20 Million Barrels 118
12.4.13 Dec 23, 2007: Venezuela, Cuba Sign 14 Economic Cooperation Agreements 118
12.4.14 Nov 02, 2007: Gold Oil, Minmet Announce Termination Of Agreement 118
13 Appendix 120
13.1 Methodology 120
13.1.1 Coverage 121
13.1.2 Secondary Research 122
13.1.3 Primary Research 122
13.1.4 E&P Forecasts 122
13.1.5 Midstream Forecasts 124
13.1.6 Expert Panel Validation 124
13.2 Contact Us 124
13.3 About GlobalData 124
13.4 Disclaimer 125

1.1 List of Tables
Table 1: Cuba, Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020 13
Table 2: Cuba, Historical and Forecasted Imports of Crude Oil, 1996-2020 15
Table 3: Cuba, Historical Reserves of Crude Oil, 1996-2008 17
Table 4: South and Central America, Investment Benchmarking, Overall Country Rankings, 2008 23
Table 5: South and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 24
Table 6: South and Central America, Investment Benchmarking, Oil Sector Performance, 2008 26
Table 7: South and Central America, Investment Benchmarking, Economic Performance, 2008 30
Table 8: South and Central America, Country Standings, Economic Performance, 2008 31
Table 9: South and Central America, Investment Benchmarking, Socio-Political Performance, 2008 33
Table 10: South and Central America, Country Standings, Socio-Political Performance, 2008 33
Table 11: Cuba, Crude Oil Key Statistics, 2008 35
Table 12: Cuba, Total Gross Crude Oil Production (MMBBLs), 2001-2008 36
Table 13: Cuba, Gross Crude Oil Production (MMBBLs), by Assets, 2001-2008 37
Table 14: Cuba, Gross Equity Weighted Crude Oil Production (MMBBLs), by Company, 2001-2008 37
Table 15: Cuba, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2001-2008 38
Table 16: Cuba, Gross Crude Oil Production (MMBBLs), Forecast by Assets, 2009-2014 39
Table 17: Cuba, Forecasted Assets-wise Gross Revenue(000'$), 2009-2014 40
Table 18: Cuba, Projected Assets-wise Total Government Take (000'$), 2009-2014 40
Table 19: Cuba, Projected Assets-wise Total Contractor Take (000'$), 2009-2014 40
Table 20: Cuba, Active Oil Field Assets Details 41
Table 21: Cuba, Pipeline Key Statistics, 2008 42
Table 22: Cuba, Crude Oil Pipeline Length by Company (Km), 2008 42
Table 23: Cuba, Crude Oil Pipelines, 2008 43
Table 24: Cuba, Refinery Key Statistics, 2008 44
Table 25: Cuba, Total Refining Capacity (MMTPA), 2000- 2013 44
Table 26: Cuba, Refining Capacity Company-wise (MMTPA), 2000-2013 45
Table 27: Cuba, Crude Distillation Unit Capacity (MMTPA), 2000-2013 47
Table 28: Cuba, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 47
Table 29: Petroleos de Venezuela S.A., Key Facts 48
Table 30: Petroleos de Venezuela S.A., SWOT Analysis 57
Table 31: Petroleos de Venezuela S.A., Revenue by Segment, USD Million, 2003-2007 62
Table 32: Petroleos de Venezuela S.A., Revenue by Geography, USD Million, 2003-2007 63
Table 33: Petroleos de Venezuela S.A., Financial Statements, USD Million, 2003-2007 63
Table 34: Petroleos de Venezuela S.A., Financial Ratios, USD Million, 2003-2007 64
Table 35: Petroleo Brasileiro S.A., Key Facts 65
Table 36: Petroleo Brasileiro S.A., SWOT Analysis 76
Table 37: Petroleo Brasileiro S.A., Revenue by Segment, USD Million, 2003-2007 79
Table 38: Petroleo Brasileiro S.A., Revenue by Geography, USD Million, 2003-2007 80
Table 39: Petroleo Brasileiro S.A., Financial Statements, USD Million, 2003-2007 81
Table 40: Petroleo Brasileiro S.A., Financial Ratios, USD Million, 2003-2007 82
Table 41: Petroliam Nasional Berhad (PETRONAS), Key Facts 83
Table 42: Petroliam Nasional Berhad (PETRONAS), SWOT Analysis 93
Table 43: Petroliam Nasional Berhad (PETRONAS), Revenue by Segment, USD Million, 2004-2008 98
Table 44: Petroliam Nasional Berhad (PETRONAS), Revenue by Geography, USD Million, 2004-2008 98
Table 45: Petroliam Nasional Berhad (PETRONAS), Financial Statements, USD Million, 2004-2008 99
Table 46: Petroliam Nasional Berhad (PETRONAS), Financial Ratios, USD Million, 2004-2008 100
Table 47: Bayou Bend Petroleum Acquires Gulf Of Mexico Assets From Pearl Exploration And Production 101
Table 48: ONGC Videsh Acquires Interest In Six Exploratory Blocks From Repsol-YPF 102

1.2 List of Figures
Figure 1: Cuba, Energy Sector break-up, 2008 11
Figure 2: Cuba, Crude Oil Production And Consumption, Thousand Barrels Per Day, 1996-2020 14
Figure 3: Cuba, Crude Oil Imports, Thousand Barrels Per Day, 1996-2020 16
Figure 4: Cuba, Crude Oil Reserves, Million Barrels, 1996-2008 17
Figure 5: Cuba, Upstream Oil & Gas Fiscal Regime (PSA), Sample Cashflows, 2005-2016 22
Figure 6: South and Central America, Country Standings, Upstream Fiscal Attractiveness, 2008 25
Figure 7: South and Central America, Country Standings, Oil Sector Performance, by Reserves-Exploration & Production, 2008 27
Figure 8: South and Central America, Country Standings, Oil Sector Performance, by Production-Consumption & Refining, 2008 28
Figure 9: South and Central America, Country Standings, Exploration Blocks Awarded, 2008 29
Figure 10: South and Central America, Country Standings, Economic Performance, 2008 31
Figure 11: South and Central America, Country Standings, Socio-Political Performance, 2008 34
Figure 12: Cuba, Crude Oil Assets Map, 2008 35
Figure 13: Cuba, Total Gross Crude Oil Production (MMBBLs), 2001-2008 36
Figure 14: Cuba, Gross Equity Weighted Crude Oil Production (MMBBLs),by Company, 2001-2008 38
Figure 15: Cuba, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2008 39
Figure 16: Cuba, Crude Oil Pipeline Length by Company (Km), 2008 43
Figure 17: Cuba, Total Refining Capacity (MMTPA), 2000- 2013 45
Figure 18: Cuba, Refining Capacity Company-wise (MMTPA), 2008 46
Figure 19: Cuba, Refining Capacity Company-wise (MMTPA), 2013 46
Figure 20: Petroleos de Venezuela S.A., Value Chain Analysis 54
Figure 21: Petroleo Brasileiro S.A., Value Chain Analysis 72
Figure 22: Petroliam Nasional Berhad (PETRONAS), Value Chain Analysis 89
Figure 23: GlobalData Methodology 121