Venezuela, Cuba to begin oil exploration off the Caribbean island

Venezuela and Cuba will begin jointly exploring for oil in Cuban waters in the first such venture between the two nations, Venezuela's state-run oil company said Tuesday.

Petroleos de Venezuela SA, or PDVSA, said in a statement that the project with Cuba's CUPET energy company covers 10,000 square kilometers (3,860 square miles) and is scheduled to begin Wednesday.

The companies expect to discover light crude after conducting a seismic study, PDVSA said.

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