Cupet (Cubapetroleo) is Cuba's state oil company. The company is involved in the extraction of petroleum deposits, refining, and distributing petroleum products. In conjunction with the conglomerate Cimex, it operates a chain of filling stations selling gasoline in convertible pesos.
The extraction is based in Cuba's northern region of Havana Province (Provincia de la Habana). Cupet jointly produce oil on the island having agreements with the People's Republic of China, Spanish oil company Repsol and Canada's Sherritt International, amongst others.
Cuba produces around 80,000 barrels per day (13,000 m3/d) of heavy crude oil. Various companies have explored for oil in Cuba over the last 15 years with the only new discoveries along the northwest heavy oil belt, an 80 mile (128 km) stretch of coast in La Habana and Matanzas provinces. Cuba consumes about 150,000 bbl/d (24,000 m3/d), of which 53,000 bbl/d (8,400 m3/d) of oil and oil products are imported from Venezuela on Petrocaribe generous financing terms under a wide-ranging cooperation accord.