Cuba is hoping to boost foreign investment to increase production in oil and gas during a meeting with international conference with oil companies and suppliers.

This follows the shortfall in oil deliveries from its main supplier, Venezuela.

CGTN’s Michael Voss reports.

Cuba produces almost half of all its energy needs from its onshore and coastal oil wells. Until now, the rest was met by subsidized oil supplies from Venezuela paid for by Cuban medical teams working there.

Cuba is looking for new foreign investors and joint venture partners in two key areas: the first to help boost output from existing oil wells, the other to start exploring for new deposits, especially in deep-water offshore.

Russia is already providing expertise in enhanced oil recovery from the onshore wells. But further offshore, there may be much larger reserves.