Petrobras to begin oil exploration offshore Cuba with Cupet

Oct 31, 2008 01:00 AM

Petrobras has created a venture with Cuba's Cupet oil company to carry out oil and gas exploration and production offshore Cuba, hoping to tap oil from a 1,600 sq km concession block, the Brazilian state controlled oil company said.
Petrobras and Cupet agreed to invest $ 8 mm in an initial exploratory block, known as block 37, which is located 12 km (7.5 miles) offshore at water depths between 500-1,600 meters, the company said.

The 32-year concession includes a potential 25-year production period. Cuba has been actively courting international partners to help it explore for what Cuban government estimates could be up to 20 bn barrels in reserves in Cuba's offshore basins.
Other foreign companies with exploration deals in Cuba include Repsol-YPF and Venezuelan state oil company PdVSA. Cuba current imports most of its crude at discount prices from Venezuela.

The Petrobras deal comes as Brazilian President Luiz Inacio Lula da Silva visits Cuba, and after Brazilian government sources said earlier that Petrobras would consider Cuban oil exploration.

Source / AFP
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