Statoil has an agreement with Cuban state oil company Cupet on exploration and possible petroleum production in the waters off Cuba.

Concluded in partnership with Spanish oil company Repsol YPF and India’s ONGC Videsh Ltd (OVL), this deal covers an 11,300-square-kilometre area.

Repsol is operator for the group, with a 40% share, while we and OVL have 30% each.