Cuba's Lackluster Oil Exploration

By Admin
Another offshore well in Cuban waters has been declared a failure, according to Cuban media. Although oil was found, the rock was too dense to allow p...

 

Another offshore well in Cuban waters has been declared a failure, according to Cuban media. Although oil was found, the rock was too dense to allow production to continue under Malaysia's giant state-owned oil company Petronas and Russia's Gazprom Neft.

The well drilled showed “the existence of an active oil system,” but the “rocks are very compacted and don't have the capacity to deliver significant quantities of oil and gas,” meaning it “cannot be qualified as a commercial discovery,” according to the Granma newspaper.

The failure comes as a low blow to Cuba's hopes in tapping offshore oil fields to help it achieve energy independence. The country currently relies heavily on socialist ally Venezuela and its weakened, cancer-stricken President Hugo Chavez to meet its oil needs.

SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK

Iran to Focus on Oil Products, Not Crude

Oil Market Speculations

Read more in July's issue of Energy Digital: The Future of Transportation

In May, Spain's Repsol hit a dry hole in Cuban waters and said it will probably pull out of exploration in the country after 12 years of operations and two unsuccessful wells.

Petronas and Gazprom are evaluating data and conducting seismic studies in search of another possible opportunity, according to Granma. Meanwhile, the rig Petronas used to drill in 7,408 feet off Cuba's northern coast will be passed on to Venezuela's PDVSA to drill a well off Cuba's western tip.

 

DOWNLOAD THE ENERGY DIGITAL IPAD APP

Share

Featured Articles

UK and US announce energy partnership

The agreement will work towards reducing global dependency on Russian energy exports, stabilising energy markets, and stepping up collaboration

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

Oil & Gas

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy