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realclearworld

Cuba’s oil drilling propaganda scheme falls apart

There is something about watching a Castro dictatorship propaganda scheme come apart at the seams, which sends the "Cuba Experts" and Cuban regime supporters into spasms that just makes your day.

Via the Miami Herald:

Repsol's move raises questions about Cuba offshore oil drilling

Spain’s Repsol oil company announced Tuesday it was “almost certain” to withdraw from exploration in Cuba, after spending an estimated $150 million on a dry well and seeing far more profitable prospects in other countries such as Brazil and Angola.

The announcement was a blow to Cuba’s hopes to strike it rich quickly, jump-start its stagnant economy and trim its dependence on Venezuelan subsidies, although another foreign company is currently drilling a separate test well and others have options to follow.

“We won’t do another well” in Cuba, Repsol Chairman Antonio Brufau said in presenting the company’s 2012-16 business strategy at a news conference in Madrid on Tuesday. “The well we drilled turned out dry and it’s almost certain that we won’t do any more activity there.”

Repsol spent about $150 million since 2000 exploring off Cuba’s northern coast near Havana, with one well in 2004 that did not find oil “in commercial quantities” and one this year that was dry, said Jorge Piñón, a longtime Cuba oil analyst with the University of Texas.

Its combine with Statoil of Norway and ONGC of India also has an option to drill a third well later this year but clearly felt its money would be better spent in other countries with more profitable opportunities, Piñón told El Nuevo Herald.

Continue reading HERE.

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