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]
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