Home > Europe, Global Finance, History, India, Politics, USA, World Economy > Brazil inks deal to hunt for, produce oil in Cuba – Washington Times

Brazil inks deal to hunt for, produce oil in Cuba – Washington Times


Brazil’s state-run oil company signed an agreement Friday to explore for oil in deep Caribbean waters north of Cuba that officials in Havana say could contain 20 billion barrels of crude.

Under the deal, Brazil’s Petroleo Brasileiro SA would spend seven years on exploration and _ if the reserves are confirmed _ 25 more producing oil and natural gas recovered at a site north of the world-famous beach resort of Varadero, 80 miles from Havana. (via Washington Times – Brazil inks deal to hunt for, produce oil in Cuba).

Brazil takes the first step

On October 14, 2008, 2ndlook had proposed a BRICS-Caribbean accord for oil exploration in the Carribean. Brazil has taken the first step.

Reeling under the curse of history, a past replete with slavery, 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. This oil deal 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!

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