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Repsol on Friday declared their exploration dry.....
This is the seacond well repsol has declared dry in Cuba, the first was in 2004.
i know there was those who beleived that this is part of a grand conspirasy.... Tjat Repsol are in the pay of the US goverment...
Personally I think that there was Hydrocarbons on the the south eastern side of the gulf.. However I am unsure if there is a cap...
<span style="font-weight: bold">Repsol-led Cuba well a duster</span>
Repsol said Friday its closely watched Jaguey wildcat off the coast of Cuba found no commercially viable oil.
Saipem's Scarabeo 9 semisubmersible was drilling the well, which is backed by a consortium that also includes Norway's Statoil and ONGC Videsh of India.
"Unfortunately, it was an unsuccessful well," Repsol spokesman Kristian Rix told Upstream. "We're plugging and abandoning it."
He declined comment on the specifics of what the probe found or how the result might impact future drilling plans for the area.
The probe was being drilled in Cuba's N27 bloc 35 kilometres north of Havana and 95 kilometres south of Key West, Florida.
The rig was operating in 1600 metres of water with a projected total depth of 6100 metres.
Cuba's push to explore its waters represented an energy independence opportunity for the Communist nation, which relies on closely allied Venezuela for the vast majority of its oil supply.
But the well also caused a political and diplomatic uproar due to the US' decades-long trade embargo with Cuba.
The drilling plans also raised questions about whether the relatively new offshore player would have the experience and equipment to deal with a major spill, with Florida's beaches not far from the territorial maritime boundaries of the Caribbean nation.
Repsol agreed to contract with Helix Energy Solutions Group to stage a capping stack in Florida to respond in the event of an emergency, an agreement to which the US government ultimately agreed.
Following this well, the rig is due to pass to Petronas to allow the Malaysian company a shot at the Cuban play. It is working in partnership with Russia’s GazpromNeft.
Cuban sources have told Upstream at least six deep-water wells may be drilled by 2013.
Repsol in 2004 drilled the Yamagua well in Cuba, which also failed to find commercial oil.
The island nation has estimated as much as 20 billion barrels of oil could lie in its Gulf of Mexico waters, according to Reuters.
US estimates are more modest at 5 billion barrels.
The latest wildcat adds to the woes of Repsol in the Americas, where in April the Spanish oil giant saw the majority of its lucrative stake in YPF, Argentina’s largest oil company, seized by the populist government of Cristina Fernandez de Kirchner.
The Repsol-led probe was on the far eastern end of targeted formation, and the scheduled probe by Petronas further to the west will offer clues about whether the formation can produce commercial oil, according to energy analyst Jorge Pinon, who specialises in Cuba.
Repsol has an option to drill a second well after the Petronas probe, but the setbacks with the first well and with YPF may influence it to put some of its higher-risk projects on hold, said Pinon.
As far as the political implications for Cuba, the dry well puts additional pressure on the nation to remain close in its relationship with Venezuela to be sure its import deals continue smoothly.
If the probe had turned up oil, it would have offered the government a bit more breathing room in the diplomatic partnership, particularly if longtime president Hugo Chavez is vulnerable in upcoming elections, Pinon said.
This is the seacond well repsol has declared dry in Cuba, the first was in 2004.
i know there was those who beleived that this is part of a grand conspirasy.... Tjat Repsol are in the pay of the US goverment...
Personally I think that there was Hydrocarbons on the the south eastern side of the gulf.. However I am unsure if there is a cap...
<span style="font-weight: bold">Repsol-led Cuba well a duster</span>
Repsol said Friday its closely watched Jaguey wildcat off the coast of Cuba found no commercially viable oil.
Saipem's Scarabeo 9 semisubmersible was drilling the well, which is backed by a consortium that also includes Norway's Statoil and ONGC Videsh of India.
"Unfortunately, it was an unsuccessful well," Repsol spokesman Kristian Rix told Upstream. "We're plugging and abandoning it."
He declined comment on the specifics of what the probe found or how the result might impact future drilling plans for the area.
The probe was being drilled in Cuba's N27 bloc 35 kilometres north of Havana and 95 kilometres south of Key West, Florida.
The rig was operating in 1600 metres of water with a projected total depth of 6100 metres.
Cuba's push to explore its waters represented an energy independence opportunity for the Communist nation, which relies on closely allied Venezuela for the vast majority of its oil supply.
But the well also caused a political and diplomatic uproar due to the US' decades-long trade embargo with Cuba.
The drilling plans also raised questions about whether the relatively new offshore player would have the experience and equipment to deal with a major spill, with Florida's beaches not far from the territorial maritime boundaries of the Caribbean nation.
Repsol agreed to contract with Helix Energy Solutions Group to stage a capping stack in Florida to respond in the event of an emergency, an agreement to which the US government ultimately agreed.
Following this well, the rig is due to pass to Petronas to allow the Malaysian company a shot at the Cuban play. It is working in partnership with Russia’s GazpromNeft.
Cuban sources have told Upstream at least six deep-water wells may be drilled by 2013.
Repsol in 2004 drilled the Yamagua well in Cuba, which also failed to find commercial oil.
The island nation has estimated as much as 20 billion barrels of oil could lie in its Gulf of Mexico waters, according to Reuters.
US estimates are more modest at 5 billion barrels.
The latest wildcat adds to the woes of Repsol in the Americas, where in April the Spanish oil giant saw the majority of its lucrative stake in YPF, Argentina’s largest oil company, seized by the populist government of Cristina Fernandez de Kirchner.
The Repsol-led probe was on the far eastern end of targeted formation, and the scheduled probe by Petronas further to the west will offer clues about whether the formation can produce commercial oil, according to energy analyst Jorge Pinon, who specialises in Cuba.
Repsol has an option to drill a second well after the Petronas probe, but the setbacks with the first well and with YPF may influence it to put some of its higher-risk projects on hold, said Pinon.
As far as the political implications for Cuba, the dry well puts additional pressure on the nation to remain close in its relationship with Venezuela to be sure its import deals continue smoothly.
If the probe had turned up oil, it would have offered the government a bit more breathing room in the diplomatic partnership, particularly if longtime president Hugo Chavez is vulnerable in upcoming elections, Pinon said.
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