As reported by Energy Daily, Brazil has signed a deal that would give Brazil’s Petrobras access to Cuban potentially oil-rich waters, where it hopes to begin drilling in the next two years. As the article notes:

“…While Petrobras and Cuba already have a longstanding relationship, [the] agreement marked the first time the Brazilian company would be granted access to the gulf area coveted by several nations, including China and India.

According to the U.S. Geological Survey, some 4.6 billion barrels of crude oil and 9.8 trillion cubic feet of natural gas may well be lurking below the ocean floor of the Northern Cuban basin. The reserves are said to possibly rival the estimated reserves in Alaska’s Arctic National Wildlife Refuge.

That kind of crude would more than meet Cuba’s daily oil intake — about 205,000 barrels per day — and provide enough excess to transform the country from being dependent on the largesse of Venezuela’s Hugo Chavez to a global player on the oil market.

Several nations are already banking on Cuba’s oil potential. China has invested an estimated $1 billion with the intention of exploring its offshore deposits, and India’s state-run oil company has penned a deal with Cuba to explore offshore as well….”