Cuban deepwater block yields two oil & gas leads

ONGC Videsh (OVL), the foreign investment arm of Oil & Natural Gas Corp (ONGC), has found two significant hydrocarbon leads in a Cuban deepwater exploration block where it has a 30% stake. The leads are likely to result into major hydrocarbon discoveries, people close to the development said.

OVL had acquired 30% participating interest in Spanish oil company Repsol-YPF’s Cuban deep water exploration blocks 25, 26, 27, 28, 29 and 36 in 2005. The other partner of the blocks, StatoilHydro (erstwhile Norsk Hydro) of Norway holds a 30% interest. Repsol is the operator of the blocks. The acquisition had marked OVL’s foray into Cuba’s oil and gas industry. (via OVL’s Cuban deepwater block yields two oil & gas leads-The Economic Times).

Brazil takes the first step

On October 14, 2008, 2ndlook had proposed a BRICS-Caribbean accord for oil exploration in the Caribbean.

Reeling under the curse of history, Western intervention and poverty, the Caribbean islands have been dealt a bad hand. Third World countries are paying through their nose to the OPEC cartel and for a dollar hegemony. Oil can break this vicious cycle.

“I don’t understand why it took so long to sign this agreement,” said Brazilian President Luiz Inacio Lula da Silva, who presided over a signing ceremony for the deal with Cuban President Raul Castro.

That makes two of us, Mr.President!

Brazil has also taken the first step. ONGC was already in the game. As is Russia. With India, Brazil and Russia working on Cuban oil exploration, it is a promising first step to a prosperous Caribbean.

Next stop, Haiti?