16-03-04 China Petrochemical Corp., or Sinopec, has signed a memorandum of understanding with Cuba's national oil company, Cuba Petroleo, or Cupet, to explore four oil blocks in Cuba, a Sinopec official said.
The MoU will allow Sinopec to conduct geological studies of the four Cuban blocks over six months beginning mid-March, which could lead to the signing of a production sharing contract between the two companies, he said.
"We will do a survey on these blocks first and then decide if we will enter into a PSC," he said, adding the blocks are likely to contain mostly crude oil, as opposed to natural gas.

The MoU marks the first attempt by Sinopec, China's second largest oil and gas company, to enter oil and gas exploration and production in Cuba.