Cuban Oil Enterprise (CUPET) and the Indian company ONGC Videsh Limited (OVL), have signed a shared-production contract for exploration and extraction of oil in Cuban waters of the Gulf of Mexico.The project will look for oil in an extension of 4,300 square kilometres belonging to parcels 34 and 35 of the exclusive economic zone belonging to Cuba in the Gulf of Mexico.
Prensa Latina reports the exploration period will be divided into three stages with a six-year duration and it is expected the selected area contains considerable fuel resources.
