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Spanish oil company Repsol to stop drilling in Cuba | Spanish oil company Repsol to stop drilling in Cuba |
(about 17 hours later) | |
Spanish company Repsol has said it is pulling out of Cuba after failing in a recent attempt to find oil off the island. | Spanish company Repsol has said it is pulling out of Cuba after failing in a recent attempt to find oil off the island. |
Chairman Antonio Brufau told journalists and investors that Repsol "won't do another" well in Cuba. | Chairman Antonio Brufau told journalists and investors that Repsol "won't do another" well in Cuba. |
On 18 May Repsol announced an exploratory well it had drilled north of the Cuban coast had come up dry. | On 18 May Repsol announced an exploratory well it had drilled north of the Cuban coast had come up dry. |
Cuba's communist government is relying on potentially huge oil and gas reserves to revive the economy. | Cuba's communist government is relying on potentially huge oil and gas reserves to revive the economy. |
Repsol's unsuccessful attempt, some 50km (31 miles) off the island, cost the company more than $100m (£64m). | |
The decision to stop operations in Cuba was announced at the firm's headquarters in Madrid at a briefing on Repsol's investment plans for the next four years. | The decision to stop operations in Cuba was announced at the firm's headquarters in Madrid at a briefing on Repsol's investment plans for the next four years. |
"At this point we don't think it is worth continuing to drill, at least not in our blocs," said Repsol spokesman Kristian Rix. | "At this point we don't think it is worth continuing to drill, at least not in our blocs," said Repsol spokesman Kristian Rix. |
He told the BBC that the decision to cease operations in Cuba was purely technical. | He told the BBC that the decision to cease operations in Cuba was purely technical. |
"Offshore drilling is very expensive and there is quite a risk involved. Four out of five attempts came out dry." | "Offshore drilling is very expensive and there is quite a risk involved. Four out of five attempts came out dry." |
Mr Rix said Repsol failed in a previous attempt to find oil off Cuba in 2004. | Mr Rix said Repsol failed in a previous attempt to find oil off Cuba in 2004. |
"Now we hit another dry well and we have decided it wasn't worth continuing. We are very unlikely to do another well there." | "Now we hit another dry well and we have decided it wasn't worth continuing. We are very unlikely to do another well there." |
Malaysian oil company Petronas is now expected to take over from Repsol in trying to find oil in Cuban waters. | Malaysian oil company Petronas is now expected to take over from Repsol in trying to find oil in Cuban waters. |
Venezuelan imports | Venezuelan imports |
The island produces only half of the oil it needs, and relies on subsidised imports from President Hugo Chavez's government in Venezuela for its energy needs. | The island produces only half of the oil it needs, and relies on subsidised imports from President Hugo Chavez's government in Venezuela for its energy needs. |
Cuba imports more than 100,000 barrels a day at favoured rates, paid for with the services of thousands of doctors and health workers working in Venezuela. | Cuba imports more than 100,000 barrels a day at favoured rates, paid for with the services of thousands of doctors and health workers working in Venezuela. |
The BBC's Sarah Rainsford in Havana says that finding substantive offshore reserves of its own would break that dependence. | The BBC's Sarah Rainsford in Havana says that finding substantive offshore reserves of its own would break that dependence. |
Drilling off Cuba's northern coast began some four months ago. | Drilling off Cuba's northern coast began some four months ago. |
The Scarabeo 9 oil rig was brought from China to bypass the US trade embargo imposed on the communist island five decades ago. | The Scarabeo 9 oil rig was brought from China to bypass the US trade embargo imposed on the communist island five decades ago. |
Preliminary studies of the rock formation beneath Cuban waters estimate that the island has deposits of between 5bn and 20bn barrels of oil. | Preliminary studies of the rock formation beneath Cuban waters estimate that the island has deposits of between 5bn and 20bn barrels of oil. |
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