27 May 2012

CUBA : Castro's Oil Hopes Depend On Scarabeo 9 Rig.


      The giant oil exploration rig...Scarabeo 9...is much in demand.
      But...because it was built in Asia with less than 10% USA parts...it is world's only rig eligible to explore for oil in USA embargo plagued Cuba. 
     After one $100 million dry hole under Spain's Repsol...at most...Cuba can throw the dice a few more times...before the rig's time is up...and it sails off to Brasil.
     "If oil is not found now I think it would be another five to 10 years before somebody else comes back and drills again," said energy expert Jorge Pinon.  "Not because there is no oil, but because the pain and tribulations that people have to go through to drill in Cuba are not worth it when there are better and easier options in places like Angola, Brazil or the U.S. Gulf of Mexico."