LatinNews Daily Report - 21 May 2012

ECONOMY | Repsol turns up dry in first Cuban well. Repsol was unsuccessful with its first deepwater well in the Cuban waters of the Gulf of Mexico, according to statement released on 18 May by the Spanish company. The well in question will be capped and abandoned. A company spokesman, Kristian Rix, said that Repsol is evaluating data collected and has not yet decided whether to sink further wells in the area. Rix stressed that it was normal to turn up dry wells, adding that it is too soon to determine whether other parts of Repsol's exploration bloc are commercially viable. Drilling off Cuba's northern coast began in February, after a deepwater Scarabeo 9 oil rig was brought from China (to bypass the US trade embargo on the island). Repsol is leasing the rig for US$0.5m a day. The Cuban government estimates that its offshore region could contain between five and nine billion barrels of oil.

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