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Cuba Drills 3rd Exploratory Offshore Well

Posted: Nov 2, 2012 7:57 AM

HAVANA - Cuban authorities say another exploratory deep-water well drilled in the Gulf of Mexico has come up a bust.

A statement from Cuban government oil concern Cubapetroleo says drilling by Venezuela's state oil company off the western part of the island concluded Oct. 26 and it was determined that the well "does not offer possibilities for commercial exploitation."

It adds that data gathered from the operation will allow for further exploration in the area.

However it is yet another blow to the island's dreams of a petroleum windfall. Two other wells drilled this year by Spain's Repsol and a consortium including a subsidiary of Malaysia's Petronas and Russia's Gazpromneft also failed to strike oil.

Cubapetroleo's announcement was published Friday in Communist Party newspaper Granma.

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