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PDVSA and Cuban CUPET to explore
Gulf of Mexico and Orinoco belt
AP /Leslie Mazoch
Venezuela's President Hugo Chavez, right, greets Cuba's Vice President Carlos Lage at Miraflores presidential palace in Caracas, Wednesday, Jan. 24, 2007.By Elio Ohep
Petroleumworld
CARACAS
Petroleumworld.com 01 26 06Venezuela's oil company PDVSA is teaming up with Cuba's state oil company CUPET to carry out a joint Venture to explore in the Gulf of Mexico, and to carry out exploration and certification of deposits in the Orinoco oil belt in Venezuela, PDVSA said in a statement.
The two companies will explore offshore Cuba in the Gulf of Mexico in Cuban waters, blocks N53, N54, N58 and N59, the statement said.
Also, the companies will explore and certify deposits in the Orinoco oil belt basin, specifically, work will focus on the Boyacá Norte block in the Orinoco the statement added.Estimates of the recoverable crude oil reserves in Cuban waters of the Gulf of Mexico are around 1.6 Bb barrels of crude oil and he recoverable reserves in the Orinoco belt range from 100 - 270 Bb, according to the EIA .
The joint venture of the two oil companies is part of a series of agreements signed between Cuba and Venezuela involving such wide-ranging issues as transportation, communication, finance, agriculture, mining, industry, tourism, and energy.
Venezuelan President Hugo Chavez and Cuban Vice President Carlos Lage signed a total of 16 bilateral agreements, on Wednesday , at Miraflores presidential palace in Caracas.
The signatures extends the reach of the Bolivarian Alternative for the Americas (ALBA), which seeks to negotiate fair trade agreements between Latin America and other countries in Latin America.
- Elio Ohep, editor@petroleumworld.com, 58 412 996 3730, Caracas.
Petroleumworld News 25 01 07Copyright© 1999 Petroleumworld. All Rights Reserved.
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