HAVANA (AP) — The third exploratory well drilled this year in deep waters off Cuba has come up a bust, authorities announced today, in yet another blow to the island’s hopes of a petroleum windfall that could boost its economy.
Work on the well in the Gulf of Mexico off the western tip of Cuba, sunk by key ally Venezuela’s state oil company PDVSA, concluded Oct. 26, according to a notice published by Communist Party newspaper Granma.
“Although this well does not offer possibilities for commercial exploitation, the results obtained in the exploration will permit the guidance and expansion of the operations on the blocs of Cuba’s Exclusive Economic Zone in the Gulf of Mexico,” said the statement from Cuban government oil concern Cubapetroleo.
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