Brazil Conducts Energy Pow-Wows for Exploration Offshore Cuba


Cuban Economic Zone
(Click to Enlarge)

According to a Dow Jones report, citing Brazilian Mines and Energy Minister Edison Lobao, oil giant Petrobras may commence drilling offshore Cuba within a year. Petrobras' International Director, Jorge Luiz Zelada, also confirmed in January that the company is focusing on conducting seismic surveys in Cuban waters.

Brazil and Cuba are still negotiating, the talks of which need to be finalized before the drilling can begin, the report stated. The two countries' state-run companies, Petrobras and Cubapetroleo (Cupet), have already signed a 32-year oil exploration and production agreement, which involves a seven-year exploration pact in Cuba's offshore Block 37, reports Dow Jones.

Latest Upstream Initiatives

This month, U.S. News & World Report noted that the U.S. Geological Survey has estimated that fields offshore Cuba may contain roughly 5 billion barrels of oil and 10 trillion cubic feet of natural gas, although U.S.-embargoed Cuba has proclaimed a more considerable estimate of 20 billion barrels of recoverable crude. Cupet's Exploration Director, Rafael Tenreyro, unveiled Cuba's significant estimate last November.

Political tension between the two countries may explain the dueling numbers since, if Cuba's prediction is accurate, its recoverable reserves will rival that of the U.S., according to U.S. News & World Report.

Cuba's Exclusive Economic Zone off its northeast coast stretches some 43,240 square miles (112,000 square kilometers) and consists of 59 offshore blocks. Companies already working within the zone include Repsol-YPF, India's ONGC, PetroVietnam, Malaysia's Petronas and PDVSA.

Petrobras, having acquired petroleum rights in one of the 59 blocks, joins these companies in the hunt for hydrocarbons within an area where experts suggest a commercial discovery could take between three to five years to harness, U.S. News & World Report said.

Moreover, after making a non-commercial oil discovery in 2004, Repsol is set to resume exploratory drilling along with ONGC and StatoilHydro in the second quarter of 2009.

 

 

 

 

 

Related Companies
 Company: Petrobrasmore info


 - Petrobras Raises Asset Sale Goal To $21B For 2017-2018 Period (Mar 22)
 - Petrobras Resorts To Top Court To Free Divestment Plan (Mar 17)
 - CFO: Brazil's Petrobras Confident Accounting Practices Correct (Mar 8)
 Company: ONGCmore info


 - ONGC Said to See Spending Plans Curtailed by Potential Merger (Mar 2)
 - India's Top Oil Explorer To Invest $1.1B To Boost Output (Feb 23)
 - India Top Oil Explorer Takes Profit Hit From Royalty Payments (Feb 21)
 Company: PDVSAmore info


 - Venezuela PDVSA Says In Grace Period For 2035 Bond (Nov 22)
 - Venezuela's PDVSA Reaches $1.45B In Finance Deals With Oil Firms (Nov 4)
 - US Said to Be Closing In on PDVSA-Linked Seizures, Charges (Oct 25)
 Company: PETRONASmore info


 - TransCanada Seeks Pipe Approval Linked To Petronas LNG Terminal (Mar 20)
 - PETRONAS CEO: Industry Needs to Advocate for Benefits of Gas (Mar 8)
 - Malaysia's Petronas Says RAPID Project Remains On Track (Jan 27)
 Company: Repsol more info
 - Spain's Repsol Aims To Cut Debt By A Further 16% In 2017 (Feb 23)
 - Poll: US, Foreign Oil Companies to Prosper in Trump's USA (Nov 10)
 - European Industry Says Trump Must Define Energy Policy (Nov 9)
 Company: Cubapetroleomore info
 - Songa Mercur to Depart Cuba for Vietnam (Jun 18)
 - Angola: Production Testing in Progress at Castanha-1 (Feb 18)
 - Cabinda Onshore South Block Partners Prep Production Test (Feb 8)
 Company: U.S. Geological Survey (USGS)more info
 - USGS Releases First-Ever Maps of Induced, Natural Earthquake Hazards (Mar 28)
 - USGS Estimates 21 Million Barrels at California's Monterey Formation (Oct 6)
 - Oil, Gas Works on Solution to Reduce Freshwater in Fracking (Sep 15)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Packer
Expertise: Storeman|Warehouse Person
Location: Lovell
 
Drivers
Expertise: Heavy Machinery Operator|Rig Mover|Truck / HGV Driver
Location: Midland, TX
 
Class A CDL Drivers INTERVIEW OPPORTUNITY
Expertise: Motorman
Location: San Antonio, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours