Cuba and Venezuela will cooperate to seek for oil in Cuban coasts
- Submitted by: admin
- Business and Economy
- 08 / 01 / 2007
Venezuela and Cuba will begin jointly exploring for oil in Cuban waters in the first such venture between the two nations, Venezuela's state-run oil company said Tuesday.
The companies expect to discover light crude after conducting a seismic study, PDVSA said.
President Hugo Chavez has signed numerous cooperation agreements with Cuba since taking office in 1999.
Under one agreement, Venezuela " one of Latin America's top petroleum producers " sells roughly 98,000 barrels of crude a day to Cuba. In return, Cuba provides Venezuela with thousands of Cuban doctors who help treat the poor.