Cuba and Brazil: Cooperating on Offshore Exploration

As ably reported by the St. Petersburg Times, Brazilian president Inacio Lula da Silva recently signed an agreement between his country’s state oil company, Petrobras, and its Cuban counterpart, Cupet, to explore for oil in waters off Cuba’s north coast.  As the article notes:

“…Details on the oil agreement have not yet been made public. The deal is expected to include rights to one of Cuba’s offshore exploration blocks. Brazil will also help Cuba cultivate soy beans to substitute for current food imports. Brazil is also helping Cuba develop its sugar cane for ethanol program.

Cuba said earlier this month that the country may have over 20 billion barrels of recoverable oil in its offshore fields in the Gulf of Mexico, much more than previous estimates. If true, that would put Cuba among the world’s top 20 oil producing nations. As a comparison, the U.S. has reserves of 29 billion barrels.

The US Geological Survey says the North Cuba basin could hold up to 9.3bn barrels and 21.8 trillion cubic feet of natural gas, though how much of that is proven and recoverable is far from clear. Cupet says it is using newer and more accurate data.


This entry was posted on Sunday, November 2nd, 2008 at 5:15 am and is filed under Brazil, Cuba, Cubpet, Petroleo Brasileiro.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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