Informacion economica sobre Cuba

August 7, 2012 – 9:11 CUBA

OFFSHORE EXPLORATION YIELDS MORE FAILURE

Economy and Politics

The Cuban state run company CUPET announced, yesterday, that an oil

exploration program by the Russo-Malaysian joint venture, Petronas

Gazpromneft, in the Gulf of Mexico, has resulted in the discovery of a

field devoid of commercial value. The geophysical study of the wells

showed the existence of active oil area, but it is in an overly rocky

zone that is too compact for significant oil and gas extraction, as

reported by CUPET to the official newspaper 'Granma'.

This is the second blow to Cuban hopes of finding oil after the

withdrawal of the Spanish company Repsol, which, together with the

Norwegian Statoil and Indian OVL, had decided, for similar reasons, to

give up offshore operations with the semi-submersible platform Scarabeo

-9 in the exclusive Economic Zone (EEZ) in Cuba last June.

A third attempt, in the same area, is planned by Petróleos de Venezuela,

SA (PDVSA). According to some studies, with an area of 112,000 square

km, the ZEE could have reserves of anywhere between 5 and 9 billion

barrels. Cuban authorities suggest that they might have as many as 20

billion barrels in which they have provided five areas of exploration in

deep water. In 2010, Cuba produced 21.4 million barrels of oil,

equivalent to 46% of the quantity it consumed. The rest, about 100,000

barrels a day, comes mainly from Venezuela in an exchange facilitated by

preferential tariffs.

[FB/BO]

http://www.misna.org/en/economy-and-politics/offshore-exploration-yields-more-failure-07-08-2012-813.html


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