• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 53 mins Its going to be an oil bloodbath
  • 1 hour US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 14 mins Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 6 hours Marine based energy generation
  • 8 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 20 hours The Most Annoying Person You Have Encountered During Lockdown
  • 22 hours Which producers will shut in first?
  • 16 hours Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 11 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 21 hours Cpt Lauren Dowsett
  • 5 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 18 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 22 hours Washington doctor removed from his post, over covid

Breaking News:

Oil Slides As OPEC Delays Meeting

Venezuela Sign Deal to Explore for Oil off the Coast of Cuba

Venezuela Sign Deal to Explore for Oil off the Coast of Cuba

A month ago Repsol, the Spanish oil company, announced it would stop all exploration operations off the coast of Cuba after it spent more than $100 million drilling a well which turned out to be dry. The announcement threatened to damage Cuba’s hopes of becoming an oil export nation; but long-time ally, Venezuela, has finally come to the rescue.

The state owned Petroleos de Venezuela SA (PDVSA) has signed a deal to explore of crude oil in the deep waters off Cuba. According to Rafael Ramirez, Venezuela’s oil minister and president of PDVSA, once the Malaysian company, Petronas, has completed its work with the huge Scarabeo-9 deep water drilling platform, the only such platform in the world that is eligible to operate in Cuban waters due to US sanctions, the Venezuelan oil major will begin its operations.

Ramirez admitted that “Repsol unfortunately didn’t have success in its well,” but he says that seismic data has shown good prospects, and he is confident that PDVSA will have more luck in its search for oil reservoirs.

Venezuelan President Hugo Chavez has always been a close ally of Cuba, and regularly supply’s the island nation with oil in a deal which allows the Cuban government to pay for the imports via the supply of doctors, nurses, and other professionals to work in the South American country.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage




Leave a comment

Leave a comment

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