CUPET: Crude found is not exploitable

From Progreso Weekly staff

HAVANA – The company Cuba Petróleos (CUPET) disclosed the failure of the explorations conducted by the Venezuelan company PDVSA in the Cabo de San Antonio IV site.

This is the third announcement that crude oil was found in the marine subsoil of Cuba’s Exclusive Economic Zone (ZEE) but that it cannot be exploited commercially.

In May of this year, the Spanish firm Repsol, along with Norwegian and Indian companies, followed by Gazprom Neft (Russia) and PC Gulf (Malaysia), also opened two wells using the Scarabeo-9 platform, especially designed for deep-water drilling.

In all cases the result was similar to the one now announced by CUPET. But PDVSA insists that it will continue its work, because it considers the area as “one of the principal oil-producing basins in the world, with great potential.”

The note that appeared in the Cuban daily Granma says that the results of the exploration are a good base to broaden the works based on the contract signed by both companies.

According to CUPET, “the technical experience and valuable geological information obtained have helped reaffirm PDVSA’s decision to continue to participate in its exploratory campaign in Cuban waters.”

Cuba has managed to extract and utilize 50 percent of the oil it consumes each year. Also, to generate more electricity, it has expanded its wind-mill parks.

The ZEE covers an area of 112,000 square kilometers divided in 59 blocs. Twenty-two of them were leased, under risk contracts, to companies from Spain, Norway, Venezuela, India, Malaysia, Russia, Vietnam and Angola.