New oil agreement signed by Brazil
Date added: 3rd November, 2008 at 09:48 (view all articles from November, 2008)
Categories: Natural Resources
Brazil's president Luiz Inacio Lula da Silva has announced that his country has signed a new deal to look for oil resources off the coast of Cuba.
According to the AFP, Mr Lula unveiled the agreement while on a state visit to the Latin American neighbour earlier this month.
Other countries taking part in the deal include Brazil's fellow BRIC country India, Norway, Spain and Venezuela.
Demonstrating Brazil's position as a world leader in oil exploitation, Mr Lula suggested that state company Petrobras should have no problems drilling for the natural resources, no matter what obstacles could lay ahead.
"If there is a chance of finding oil in Cuba … it can be at 500 metres depth, at 1,000, at 3,000 metres, at 7,000 - we are going to look for it, find it and turn it into energy," he remarked.
Natural resources investors in Brazil will likely be aware that Petrobras is one of the world's leading deep water drilling companies and is expected to generate approximately $96.3 billion (£59.25 billion) in 2008.
Related Articles
Ethanol consumption tops gasoline in Brazil
Date added: 24th October, 2008 at 10:48 (view all articles from October, 2008)
read more > Brazilian natural resources demand 'will survive recession'
Date added: 22nd October, 2008 at 09:12 (view all articles from October, 2008)
read more >
Fortaleza fruit producer to showcase melons in US
Date added: 21st October, 2008 at 09:24 (view all articles from October, 2008)
read more >| View News By Category: | |
| Archived News: |