Petrobas studying offshore oil.Brazilian state oil company Petrobras is studying a block in deep Cuban waters for possible exploration as part of broader cooperation, said a top advisor, reports Reuters (June 2, 2008). "We are planning to cooperate not only in exploration and production, but lubricants, refining and training," said Andre Ghirardi in Havana at a one-day meeting of Brazilian and Cuban businessmen. "We are working on the possibility of exploring a block in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico
Golfo de Mexico
Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , but negotiations have not ended, they are advancing," he said:
Interest in Cuba's Gulf of Mexico blocks has picked up as oil prices soar. Seven foreign companies have signed exploration agreements with Cuban state oil company CUPET for 28 of the 59 blocks available in the deep Gulf of Mexico waters of Cuba's economic exclusion zone A zone established by a sanctioning body to prohibit specific activities in a specific geographic area. The purpose may be to persuade nations or groups to modify their behavior to meet the desires of the sanctioning body or face continued imposition of sanctions, or use or threat of fronting the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The US Geological Survey estimated the North Cuba basin could contain 4.6 billion barrels of oil, with a high-end potential of 9.3 billion barrels, and close to 1 trillion cubic feet of natural gas;
Ghirardi said negotiations to build a lubricants plant in Cuba were going well, though no agreement had been signed. Venezuela's PDVSA PDVSA Petroleos De Venezuela, SA has become a major player in the Cuban oil industry. PDVSA and Cuba have started up and are expanding a Soviet-built oil refinery in central Cienfuegos province and modernizing another in eastern Santiago de Cuba Santiago de Cuba (säntyä`gō thā k`bä), city (1994 est. pop. 385,800), capital of Santiago de Cuba prov., SE Cuba. . The two companies have formed joint ventures in refining and shipping. PDVSA has also taken out blocks in the gulf, as have Spain's Repsol-YPF, India's ONGC ONGC Oil and Natural Gas Corporation
ONGC Oil and Natural Gas Commission (India) and Nordsk Hydro, Vietnam state oil and gas group Petrovietnam, Malaysia's state-run Petronas and Canada's Sherritt International. The director of exploration for CUPET said this year that activity was picking up in Cuba's deep waters. "Right now seismic studies are under way on 2,300 square kilometers and very soon studies will begin on 4,500 square kilometers in the Gulf of Mexico," Rafael Tenreyro said;
Cuba produces the equivalent in oil and gas of 75,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. , around 50% of its energy needs, importing the remainder from oil-rich ally Venezuela on preferential terms in exchange for health, education and other services.