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 Government awards £54mn in heat network funding

Funding will support the development of schemes in London, Bedfordshire and Woking that use low-carbon heat sources

Shell posts $11.5bn second quarter profit

Shell's earnings fuelled by ongoing price rises and geopolitical instability as the energy major places greater focus on natural gas investments

bp opens first electric truck fast-charging facilities

Operated by bp’s Aral brand, the retail site at Schwegenheim in Rheinland-Pfalz has two 300kw chargers intended for electric trucks

Shell commits to developing Jackdaw gas field in North Sea

Oil & Gas

Prospex Energy raises £1.87m for Selva gas field development

Oil & Gas

Shanghai Electric Group launches low carbon business

Utilities