Bud's Offshore Energy (BOE)

The recent departure by Petrobras from Cuba should not be taken as a final verdict on Cuba’s oil and gas potential, or as a signal on possible strained political relations between the governments of Cuba and Brazil.

It was simply an economic and strategic decision by Petrobras, following their long term-vision of focusing resources on developing its recently found 10 billion barrels of deepwater offshore oil and natural gas at the Santos and Campos basins, along the Atlantic coast. As Petrobras CFO Almhir Guilherme Barbassa recently stated in a Forbes interview: “…Petrobras has more to gain from organically growing its position in Brazil than going abroad to expand production.” Cuba Headlines