Sherritt explores for and produces oil and gas primarily from fields in Cuba (where we are the largest independent oil producer in the country). During our more than 20-year history, we have developed an expertise and proven ability to find, develop and produce oil in Cuba’s complex fold and thrust-belt reservoir. All of our wells are directionally drilled and are located along the northern coast between Havana and Cardenas.
In 2015, we produced approximately 18,257 barrels of oil per day gross working interest with total annual revenue of $146.1 million.
The oil in Cuba is located about 1,500 metres below sea level and we drill directional wells up to 5,600 metres long to pump oil to the surface.
Sherritt holds its exploration and production rights under production-sharing contracts (PSCs), which are granted by the Cuban government. We currently hold 100% working interests in four PSCs.