Cuba Fails to Find Oil Offshore
Attempts to find oil off Cuba’s shores has failed, says Spanish oil giant Repsol. Test wells were dug 50km off Cuba’s coast, but found nothing. A much larger project was planned, but now looks likely to be canceled.
Currently Cuba produces only half of it’s oil needed. The rest – 100,000 barrels per day – are imported from Venezuela at heavily subsidized prices due to the 2 communist country’s close relations.
Explorative drilling was conduced by the Scarabeo 9 platform, brought in from China at a cost of $500,000 per day to Repsol, who is the first company to test off Cuba’s shores. Initial geological surveys suggested there were reserves of 5 billion barrels, and possibly as high as 20 billion barrels. However test wells have been disappointing.
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