Bloomberg News

Cuba Shifts Oil Exploration After Repsol’s Unsuccessful Search

June 06, 2012

Cuba began exploring for oil at another offshore site after a first attempt by Spain’s Repsol YPF SA (REP) proved unsuccessful.

A subsidiary of Kuala Lumpur-based Petroliam Nasional Bhd., or Petronas, started drilling for oil off Cuba’s northern coast on May 24 with the same Scarabeo-9 rig Repsol had used, according to a statement today by Cubapetroleo in government-run newspaper Granma.

Petroleos de Venezuela SA will begin exploring for oil following the drilling by Petronas, Cubapetroleo said in the statement. Repsol spokesman Kristian Rix said May 18 that the company was abandoning its wells off the Cuban coast because they weren’t successful.

To contact the reporter on this story: Eric Sabo in Panama City at esabo1@bloomberg.net.

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.


Later, Baby
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus