OVL, Cuban firm CUPET ink 6-yr deal

ONGC Videsh (OVL), the overseas arm of ONGC, has signed an agreement with Cuba Petroleos (CUPET) for deep-water oil exploration in the Gulf of Mexico.

According to the deal, CUPET and OVL will explore blocks N-34 and N-35, which cover an area of 4,300 sq.km in Cuban waters. The exploration deal is spread over a period of six years.

CUPET officials said six companies have signed exploration deals for 16 blocks in the Gulf of Mexico.