Cuba Business

Brazil Petrobras said interested in Cuba oil exploration

Posted March 18, 2003 by publisher in Cuba Business.

By Adriana Brasileiro
Dow Jones Newswires

Brazil’s oil giant Petroleo Brasileiro (PBR), or Petrobras, is interested in resuming oil exploration and production activities in Cuba, a spokeswoman for the Cuban embassy in Brazil said Thursday.

The Cuban government is inviting oil companies to drill for oil in its offshore fields in the gulf of Mexico.

According to spokeswoman Marcia Munoz, Petrobras has been in talks with the Cuban government and has shown interest in working new E&P blocks in that country.

“Cuba is looking to partnerships with foreign companies to develop its oil reserves, and Petrobras would be a fantastic partner,” the spokeswoman said.

Petrobras didn’t reply to calls asking for comments.

About two years ago, Petrobras sunk about $16 million into a highly publicized but unsuccessful search for oil on Cuba’s northeast coast.

In 2000, the Cuban government parceled Cuba’s 112,000 square kilometers exclusive economic area in the Gulf of Mexico into 59 E&P blocks to attract foreign investment.

Spain’s Repsol-YPF (REP), optioned the first six offshore blocks between Havana and the resort city of Varadero, about 100 kilometers to the east of the Cuban capital. Last year, Sherritt International Corp. (T.S), the Canadian group, won rights to explore four adjacent blocks.

By Adriana Brasileiro, Dow Jones Newswires; (5521) 3288-5004; .(JavaScript must be enabled to view this email address)

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