Russian state oil company Zarubezhneft plans to drill a shelf near Cuba in 2011, Zarubezhneft CEO Nikolai Brunich said on Wednesday.
"Our plans say that shelf drilling will start in 2011," Brunich told reporters, adding he was talking about the L block.
Zarubezhneft and the Cuban national oil company, Cubapetroleo, signed four contracts in November 2009 to conduct geologic explorations and hydrocarbon production. The contracts were the first long-term contracts between Russia and Cuba in the last 20 years.
Brunich said that both parties had already signed a fifth contract on the Boca de Jaruco deposit. The contract envisages receiving a pilot area to test methods of oil recovery increase. "If they are successful, we will expand the area of our business," he said.
Last year's contracts envisages the participation of the Russian company in exploration and hydrocarbon production at four blocks. The investment in the development of the blocks will amount to 6.5 million euros in 2010.
MOSCOW, July 14 (RIA Novosti)
