Brazil Conducts Energy Pow-Wows for Exploration Offshore Cuba
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.
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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.
Operates 34 Offshore Rigs
Manages 10 Offshore Rigs
- Exxon, Petrobras Form Alliance To Develop Oil, Gas Projects (Dec 14)
- Natural Gas In Petrobras Pipelines Up About 23% In 2017 (Dec 05)
- Petrobras CEO Says To Discuss Refining Partnership With CNPC CEO (Nov 15)
Company: ONGC more info
Operates 40 Offshore Rigs
Manages 8 Offshore Rigs
- Venezuela's PDVSA To Tap Oil Customers To Pay $449MM To ONGC (Nov 15)
- Sources: India ONGC Strikes 'Good' Offshore Oil, Gas Find (Sep 20)
- India To Acquire Seismic Data Of 48,000 Line kms To Boost Oil, Gas Output (Sep 12)
Company: PDVSA more info
Operates 14 Offshore Rigs
Manages 26 Offshore Rigs
- Algeria Sends More Oil To Cuba As Venezuelan Supplies Fall (Jan 10)
- Venezuela's PDVSA At Risk Of Losing Bonaire Terminal Over Maintenance Delay (Dec 19)
- Paralysis At PDVSA: Venezuela's Oil Purge Cripples Company (Dec 15)
Company: PETRONAS more info
Operates 11 Offshore Rigs
- After Europe's Gas Market Disasters, LNG May Come to the Rescue (Dec 12)
- Petronas Unit Agrees Share Swap With Shell's Africa Operator (Dec 05)
- Malaysia's Petronas Asked To Exit Myanmar In Protest Of Rohingya Crisis (Nov 08)
Company: Repsol more info
- Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
- Repsol Says Drilling Suspended On Vietnam Oil Block Disputed By China (Aug 02)
- China Urges Halt To Oil Drilling In Disputed South China Sea (Jul 25)
Company: Cubapetroleo more info
- Total Denies Offshore Oil Exploration Deal with Cuba (May 12)
- Songa Mercur to Depart Cuba for Vietnam (Jun 18)
- Angola: Production Testing in Progress at Castanha-1 (Feb 18)
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 06)
- Oil, Gas Works on Solution to Reduce Freshwater in Fracking (Sep 15)