Pemex to consider Cuba offshore exploration

Exploration agreement: Calderon, at left, says Pemex may explore drilling in Cuba

Pemex and CubaPetroleo, the state oil companies for Mexico and Cuba, have signed a non-binding letter of intent for Pemex to evaluate possible exploration for oil in Cuba's part of the Gulf of Mexico, Mexican President Felipe Calderon said Thursday.

In comments at his departure from Havana after a one-day visit to the communist island, Calderon said Pemex would look at Cuban exploration blocks contiguous to Mexican waters and "with full respect for the sovereignty of our countries," Reuters reported.

The letter calls for Pemex to "evaluate the possibility of participating and investing in the exploration and exploitation of hydrocarbons in Cuba (offshore)," the news wire quoted him as saying.

Calderon came to Cuba to patch up strained relations between the two countries.

The non-binding nature of the letter of intent means there is…

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