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Spanish oil giant Repsol YPF will deliver a Chinese-built Scarabeo 9 rig this year to drill at least one deep-water well in Cuba's Gulf of Mexico zone...some parts within 50 miles of the Florida coast...raising new questions about drilling permits and spill disasters.
The $750 million rig can drill in 12,000 feet of water.
Repsol is in partnership with Norway's Statoil and a unit of India's ONGC.
Fla. energy analyst Jorge Pinon claims Cuba's deep-water projects have a high probability of success and could increase its oil output by more than 500%... up to 200,000 - 300,000 bbl per day.
“The fact that five years after the 2004 non-successful exploration, Repsol and Statoil continue there is telling us there must be something there,” Pinon said. The next 18 months will be “key” for the exploration projects, he said.
http://www.bloomberg.com/news/2011-05-18/cuba-deep-water-wells-may-boost-oil-output-six-fold-pinon-says.html
