Cuba is dismantling its decades-long state monopoly on oil and gas exploration, allowing private national and foreign companies to drill for hydrocarbons starting in August 2026.
The policy shift marks a significant departure from the nationalizations enacted in 1960, which had reserved all subsoil resources exclusively for the state.
The move is part of a broader package of 176 reforms designed to open critical sectors to private and foreign capital.
In addition to oil and gas, the decree lifts state monopolies on petrol distribution, electricity generation, and the manufacture and sale of medicines.
The government aims to attract investment to address the island's severe energy shortages and economic stagnation.
For the global energy market, the development signals a potential, albeit distant, new frontier for exploration.