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

Digital Realty & Schneider: Powering Net Zero Data Centres

With Schneider Electric, Digital Realty has signed five renewable energy PPAs, totalling 134MW, to bring its global renewable energy contract to 1.4GW

Collaboration Driving New Zealand's Renewable Energy Future

Spark and Genesis Energy will join forces to supply the telco with renewable energy to power its operations, providing a cleaner energy future for NZ

Is Volcanic Ash an Answer to Efficient Solar Energy Storage?

Volcanic ash, typically seen as a disruptive force, is now hailed by University of Barcelona researchers as a valuable energy storage medium

EY: How CEOs are Pushing Energy Transition Priorities

Sustainability

Reducing Low-Carbon Hydrogen Costs Key to Decarbonisation

Sustainability

Sustainability LIVE Among World’s Top Sustainability Events

Sustainability