Sherrit reports 2018 Cuba results
Canada's Sherrit reported its 2018 production results. The company's Cuba activities yielded 4,839b/d on a gross working interest basis, and 2,209boe/d of oil and gas on a net working interest basis. Production is expected to fall slightly in 2019 to between 1,800boe/d and 2,100boe/d.
This reduction is due to reservoir decline in mature fields and the reduction of Sherrit's profit oil percentage to 6% during the renewal of the Puerto Escondido/Yumuri production sharing contract in 1Q18. The company adds that this figure does not consider potential contributions from offshore Block 10 where drilling continues.
The company expects capital spending of US$21mn in its oil and gas business.
Regarding electricity, the company generated 781GWh in 2018 and issued 2019 guidance between 650GWh and 700GWh. This decline is due to lesser availability of natural gas for Sherrit's generation activities because of maturing production of oil fields off Cuba's northern coast.
The company foresees spending US$1mn on its Cuba power generation business.
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