• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 2 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 2 mins WTI @ $75.75, headed for $64 - 67
  • 3 hours Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 11 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 1 hour U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 11 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 14 hours EU to Splash Billions on Battery Factories
  • 11 hours China Thirsty for Canadian Crude
  • 16 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 16 hours Gold price on a rise...
  • 16 hours Judge Approves SEC Settlement With Tesla, Musk
  • 16 hours Dow logs 830-point loss
  • 12 hours Shell, partners approve huge $31 billion LNG Canada project. How long till Canadian Federal government Environmentalates it into the ground?

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