Petroleum Found Off Cuba's Coast

The Spanish petrochemicals company Repsol-YPF reported Thursday it found petroleum reservoirs off Cuba's coast, but the first well was not considered commercially viable - a ruling likely to disappoint many here who had hoped for bigger news. Repsol Chief Operating Officer Ramon Blanco said during a Thursday conference call in Europe that drilling off the island had found "a petroleum system," but the first Cuban well was considered "noncommercial." "The first well drilled in Cuba has partially met our initial expectations," Blanco said, according to a report by Dow Jones Newswires. "And at this stage the group is defining future exploration activities in the area." Another Repsol executive added during the conference call that it will take nine to 10 months to assess new projects in Cuba and about one year to drill a new well. [more]