Cuba readies deep-water drilling

Repsol close: Cuba closing in on deep-water play with Spanish oil company

Cuba is set to open up as a new deep-water frontier play with Repsol, backed by Russian and Chinese interests.

The Caribbean nation is gearing up to drill the first exploration well later this year, an Oslo conference was told on Wednesday.

The pioneering probe is set to be drilled by the Spanish explorer in the fourth quarter 100 kilometres off Key West, Florida and “a major discovery could open a new offshore play” on both sides of the US-Cuba border, said Pareto Securities’ senior oil service analyst Andreas Stubsrud.

A total of five wells are to be drilled over the next 18 months in the blocks in the eastern Gulf of Mexico…

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