Petrobras Signs Co-Operation Agreement With Cupet

Brazilian integrated energy giant Petrobras and Cuban state-owned oil firm Companhia Cubana de Petroleo have signed a wide-ranging exploration and production, lubricant, refining, maintenance, research and development, and human resource co-operation agreement.

Petrobras stated that specific memorandums of understanding were also signed to define the stages and deadlines to be fulfilled to analyze and make exploration and production and lubricant projects viable.

The agreement signed between Petrobras and Companhia Cubana de Petroleo (Cupet) is reportedly the outcome of an understanding reached between the two companies. In September 2007, a number of executives from Petrobras visited Cuba to identify opportunities in the country’s oil industry.

The agreement also foresees the assessment of the offshore blocks in the Cuban sector of the Gulf of Mexico. The Cuban government has been authorizing foreign companies to operate in the region since the late 1990s.

Petrobras noted that the agreement will also foresee technical and economic analysis for the construction of a lubricant factory in Havana. Two Petrobras work groups are expected to be in Cuba to advance the talks on the projects that Petrobras undertakes with Cupet’s co-operation.