To avoid violating the trade embargo the United States imposed on Cuba 50 years

To avoid violating the trade embargo the united

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To avoid violating the trade embargo the United States imposed on Cuba 50 years ago, rigs can have only a small portion of their parts manufactured in the United States. Drilling is not inevitable—past failures ensure a long intermission Coronel 13 – Part of the Board of directors of Petróleos de Venezuela (PdVSA), has had a long and distinguished career in the international petroleum industry, including in the USA, Europe, Venezuela and Indonesia. He is an author, public policy expert and contributor to SFPPR News & Analysis; author of the study "Corruption, Mismanagement and Abuse of Power in Hugo Chavez''s Venezuela," was a member of the Board of Directors of Petroleos de Venezuela from 1976-79 and, as president of Agrupacion Pro Calidad de Vida, was the Venezuelan representative to Transparency International (Gustavo, “Cuban Oil Prospects Revisited,” Futuro de Cuba, 6/18/13, )//Bwang During the last 3 years, four exploratory wells were drilled by different oil companies , including Spain’s Repsol, the Malaysian oil company PETRONAS, Petroleos de Venezuela and the Russian company Zarubezhneft. The four wells have been unsuccessful , although we have little or no details of the results. Whatever oil was found proved to be of low quality and the rocks found by the drill had poor reservoir characteristics. This scarcity of information is not uncommon when dealing with exploratory wells, since the initial data obtained from an area has to be analyzed carefully in order to see what the real prospects of that area might be and to decide if further efforts are justified. Oil experts in the region such as a former head of Amoco Latin America, Jorge Piñon, currently at the University of Texas, correctly pointed out that this first effort is just the initial chapter of a story that will likely continue. However, the initial results do not bode well for the Cuban oil industry. International oil companies will not be eager to spend great sums of money to develop oil resources that could only be significant enough to satisfy the Cuban domestic market. The results obtained by the four wells drilled definitely tend to lower the expectations of major findings. SPAIN’S REPSOL Repsol’s president, Antonio Brufau, has recently announced that they will probably stop prospecting for oil in Cuban territory after its unsuccessful, costly, dry well. They had drilled another dry hole in the area in 2010. MALAYSIA’S PETRONAS Petronas drilled its exploratory well in association with Russia’s Gazprom. The terse information given out about the results of this well came from the official Cuban newspaper Granma, which read, “Analysis of the findings revealed an “active petroleum system that could extend to other parts of the four blocks contracted by PC Gulf [Petronas] and Gazpromneft, and even beyond their limits … Nevertheless, at that point the rocks are very compact and do not have the capacity to deliver significant quantities of petroleum and gas… so it cannot be qualified as a commercial discovery.”" This confirms
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