Pdvsa to continue oil exploration in Cuba despite negative results

Venezuelan state-run company Pdvsa is next to continue oil exploration activities in Cuban deep waters after a second oil well explored by other foreign firms turned out to be of no commercial value as significant quantities of oil and gas were not found.

The results of the oil exploration activities conducted in the Exclusive Economic Zone (EEZ) of the Gulf of Mexico by Malaysian oil company PC Gulf and Russian oil company Gazpromneft at the Scarabeo 9 platform were reported by Cuban oil company Cubapetróleo to the local press.

The unsuccessful operations conducted at 4,666 meters deep in the second well explored in the zone so far this year began after previous operations carried out by Spanish oil company Repsol ended up in a "dried well" breakthrough, reported EFE.   

As Cubapetróleo reported, this second drilling endeavor at the Scarabeo 9 platform served to demonstrate the existence of an "active oil system" that may extend to "other areas within the four blocks operated by PC Gulf and Gazpromneft."

However, "as rocks are highly compacted, they cannot deliver significant amounts of oil and gas." Therefore, "the new finding may not be considered as having commercial value," said Cubapetróleo through a communiqué.

The communiqué also reads that Scarabeo 9 platform "will be transferred to Pdvsa within the next few days in order to start drilling operations in Cabo de San Antonio 1 oil well," also located in the Cuban EEZ.

The Cuban EEZ controlled by Cuba in the Gulf of Mexico is divided into 59 blocks, including 22 that are operated by many foreign enterprises. Cuba estimates that its oil reserves in the EEZ amount to 20,000 million barrels while other estimates show that reserves amount to 5,000 and 9,000 millions.

For the purpose of fully meeting demand, Cuba receives 100,000 barrels of oil per day and by-products from Venezuela in an exchange for medical services, teachers, sport trainers and consultants from other areas.

Translated by Jhean Cabrera