End of preview - This article contains approximately 148 words.
Subscribers: Log in now to read the full article
Not a Subscriber?
Choose from one of the following options
Back
LatinNews Daily Report - 30 May 2012
In Brief - Cuba
ECONOMY | Repsol quits. Antonio Brufau, the chairman of the Spanish oil company Repsol, hinted on 29 May that the company will stop looking for oil in Cuban waters in the Gulf of Mexico, after it recently struck a dry well. "The well we drilled turned out dry and it's almost certain that we won't do any more activity there," Brufau said at a press conference. The Malaysian state oil company Petroliam Nasional Berhad (Petronas) began drilling last week in a Cuban-owned area of the Florida Straits known as the Northbelt Trust, about 180km southwest of Repsol's drill site. Its results are expected in July. Venezuela's state oil firm Petróleos de Venezuela (Pdvsa) and Sonangol of Angola also have exploration options in Cuban waters, though they may opt not to exercise their drilling rights if the area is coming up dry. Each well costs about US$100m to sink.
