• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 33 mins The EU Loses The Principles On Which It Was Built
  • 5 hours Starvation, horror in Venezuela
  • 2 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 5 hours Crude Price going to $62.50
  • 21 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 58 mins WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 14 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day Monsanto hit by $289 Million for cancerous weedkiller
  • 17 hours < sigh > $90 Oil Is A Very Real Possibility
  • 29 mins Saudi Arabia Cuts Diplomatic Ties with Canada
Why Is Big Oil So Excited About Alaskan Crude?

Why Is Big Oil So Excited About Alaskan Crude?

Alaskan officials have just published…

Repsol Stop Looking for Oil in Cuba after Hitting a Dry Well

Cuba’s energy plans have been hit a blow by Repsol’s announcement that they will stop looking for oil in the area after spending more than $100 million on an exploratory drill that hit a dry well.

Cuba has been hoping that oil will be discovered which will help them to secure energy sources, and reinvigorate the struggling economy by attracting foreign investment secured against the discovery.

Antonio Brufau, chairman of Repsol said that “the well we drilled turned out dry and it’s almost certain that we won’t do any more activity there.”

Repsol’s withdraw has pinned all of Cuba’s hopes on the Malaysian oil company, Petroliam Nasional Berhad (Petronas), who started drilling an exploratory well last week in the Florida Straits, about 180 miles southwest of Repsol’s failed attempt.

Cuba is currently dependent on imported oil from Venezuela, who deliver about $3 billion of subsidised oil each year. Finding another source of cheap oil could be vital for Cuba as the deal with Venezuela might be called off if current president Hugo Chavez succumbs to cancer, or doesn’t win in the October elections.

Repsol leased the drilling platform Scarabeo-9, the only platform in the world that is able to drill in Cuban waters without incurring sanctions from the US economic embargo on the island nation.

Scarabeo-9 was built in Asia using less than 10 percent US made parts which enables it to avoid violating the US embargo.

In the lease Repsol are contracted to drill a second well in Cuba, but will avoid this by paying a penalty to the Italian owners of Scarabeo-9; upon which the platform will head to Brazil, along with the hopes and dreams of the Cuban nation.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News