The Australian company Melbana Energy confirmed this Monday that the 2026 work program for Block 9 in Cuba remains formally suspended until the end of the year, according to its quarterly activities report published on the Australian Stock Exchange on October 26, 2026.
The document, which covers the quarter ending on September 30, indicates that operations in the block were limited to care and maintenance activities, without any environmental, safety, or health incidents.
"The work program for 2026 has been formally suspended until the end of 2026, and there are no pending work commitments under the PSC of Block 9," the report states.
On the regulatory front, the company assures that it closely monitors changes in the Cuban legal framework to assess potential improvements in the efficiency of its operations.
"Several of the changes implemented or announced by the Cuban government are being evaluated by the company to determine if there are opportunities to improve the efficiency of its operations there," the text specifies.
Melbana is also continuing to analyze the consequences of the designation of CUPET —its contractual counterpart— as a sanctioned entity by the U.S. Department of State in June of this year.
Melbana Energy (formerly MEO Australia) is an independent oil and gas exploration company based in Sydney, listed on the Australian stock exchange.
Its main asset in Cuba is Block 9, an area of approximately 2,344 km² on the northern coast of the island, about 140 kilometers east of Havana, with an estimated geological potential of 15.7 billion barrels of oil in place, according to the consultancy McDaniel & Associates. These figures represent geological potential, not proven reserves.
The development of Block 9 represents a petroleum project of strategic interest for the Government of Cuba due to its potential for production and economic activity. However, the commercial plans published by Melbana include the export of the extracted crude, so its eventual exploitation would not necessarily mean an increase in fuel available for domestic consumption.
"Melbana is in the final stages of formalizing a joint marketing and sales agreement with all parties involved in Block 9 to export 100% of the production," the report states.
The suspension of activities delays any progress toward that goal, while the Cuban authorities are still awaiting the authorization to transfer the 70% stake that belonged to Sonangol to the Australian company.
The island produces between 30,500 and 40,000 barrels of crude oil daily, compared to a need of between 90,000 and 110,000 barrels per day.
Since the capture of Nicolás Maduro, Venezuela has not supplied fuel to Cuba. Mexico has not made any oil shipments since January, and the last tanker from Russia unloaded on the island in March. Block 9 is one of the few active exploration investments on land that could help reduce that structural deficit.
In financial terms, the transfer of the 70% stake that the Angolan company Sonangol lost due to non-compliance is still awaiting approval from Cuban regulatory authorities, with no set date.
"The transfer is still subject to the receipt of Cuban regulatory approvals," the report warns.
During the quarter, Melbana received 14.5 million Australian dollars from its former partner: 3.2 million went towards accumulated interest and the rest to outstanding capital calls. The company is still claiming an additional approximately 22.7 million gross Australian dollars.
At the end of the quarter, Melbana had 14.0 million Australian dollars in cash. The company suspended all direct participation in Block 9 in June, following CUPET's designation as an SDN entity under Executive Order 14404 signed by President Trump.
Since then, cost control, according to the report itself, "remains a priority during the period of reduced activity."
The Cuban regime approved in October the Decree 184 that regulates the new oil and gas law, opening exploration to private companies and small and medium enterprises with concessions of up to 30 years.
Melbana is assessing whether these changes provide any opportunity to resume activities, although for now, the formal horizon of the suspension does not extend beyond the end of 2026.
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