Floridians could be receiving Oil Royalty checks also.

HAVANA — Brazil's state-run oil company signed an agreement Friday to explore for oil in deep Caribbean waters north of Cuba that officials in Havana say could contain 20 billion barrels of crude.

Under the deal, Brazil's Petroleo Brasileiro SA would spend seven years on exploration and — if the reserves are confirmed — 25 more producing oil and natural gas recovered at a site north of the world-famous beach resort of Varadero, 80 miles from Havana.

The agreement calls for an initial investment of $8 million by Petrobras. After an exploration phase of 18 to 24 months, more funds from Petrobras and its Cuban counterpart, Cuba Petroleo, could come, depending on how much oil can be exploited.

"I don't understand why it took so long to sign this agreement," said Brazilian President Luiz Inacio Lula da Silva, who presided over a signing ceremony for the deal with Cuban President Raul Castro.

The agreement gives Petrobras control of one of about 60 offshore plots in the Gulf of Mexico that Cuba has established for exploration by international companies.

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