ONGC inks oil exploration deal with Cuba | india | Hindustan Times
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ONGC inks oil exploration deal with Cuba

india Updated: Sep 11, 2006 08:59 IST
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India's state-run oil company has signed a deal with Cuba for deep-water oil exploration in the Gulf of Mexico, company officials announced.

Under the deal signed on Sunday, India's Oil and National Gas Corporation (ONGC) will explore blocs N-34 and N-35, which cover an area of 4,300 square kilometres (1,544 square miles) in Cuban waters.

ONGC already has a 30 per cent interest in six other blocs in which Norway's Nosrk Hydro also has 30 per cent interest and Spain's Repsol YPS 40 per cent.

Officials of the state-run Cuba Petroleos (CUPET) say a total of six companies have signed exploration deals for 16 blocs in the Gulf of Mexico.