02 November 2012

CUBA / VENEZUELA : La Habana Comes Up Dry For 3rd Time In Gulf Waters.


     Another big setback for strongman Raul Castro and benefactor Venezuela President Hugo Chavez...in their hopes of finding oil in Cuba's deep Gulf waters.
     For the 3rd time...foreign drillers in its western waters came up empty.
     This time Caracas' PDVSA paid for folly of using the expensive, mammoth Chinese-made Scarabeo 9 rig.
     2 other wells sunk by Malaysia's Petronas, Spain's Repsol and Russia's Rosneft also  failed to find enough commercial crude.
     Repsol said its test wells cost $150 million.
     AP reports that Angola's Sonangol still has Cuban option...while the giant Scarbeo 9 rig has an appointment in Rio's waters. 
      Reuters claims Scarabeo is headed for Africa.
     Some geologic surveys speculate Cuba has 5-9 billion bbls of potential crude deep in the Gulf.
      La Habana claims 20 billion bbls lie under its warm Gulf waters.