06 August 2012

CUBA / RUSSIA / MALAYSIA / VENEZUELA : 07 August UPDATE: Another Well Comes Up Dry For Raul Castro.

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     More bad news for President Raul Castro...in his attempts to wean Cuba from Venezuelan oil dependence.
     An offshore test well using the giant and expensive Scarabeo-9 rig...was declared a failure by a joint partnership of Malaysia's Petronas and Russia's Gasprom.
     They announced their drilling rock formation was too dense to 'deliver significant quantities of oil and gas.'
      In May...Spain's Repsol abandoned offshore drilling in Cuba...after 2 test wells came up empty...along with $150 million in costs.
      The Scarabeo-9 rig will now be employed by Venezuela.