Spanish oil company Repsol has finally thrown in the towel and given up on oil exploration in dry Cuba. It seems it took the oil giant a few years to realize that 1) Cuba does not have any appreciable oil reserves, and 2) that even if they did, the Castro dictatorship could and probably would expropriate the fruits of their labor and rip them off.
Via IFA Magazine:
Repsol gives up Cuban plans
Repsol has given up its plans for Cuba after oil drilling operations failed in 2012 and after the Cuban government showed support to Argentina’s decision to nationalise former subsidiary YPF, according to Spanish daily El Economista.
The decision also eliminates some of the reservations that the United States held against Repsol’s exploration projects and has the potential to improve relations towards possible acquisitions in the country.
Repsol is reportedly shopping for a North American oil company and could be looking to invest up to EUR15bn in the United States and Canada.
There has been no response yet from the “Cuba Experts” who not that long ago were swearing that Cuba was well on its way to becoming the Saudi Arabia of the Caribbean. And naturally, because of the U.S.’s “archaic” and “Cold War relic” policy towards the repressive apartheid dictatorship of the Castro family, we were going to miss out on all the action .