EFE World News Service

Spain's Repsol pessimistic about oil drilling off Cuba.

Havana, Jul 29, 2004 (EFE via COMTEX)

Spain's Repsol group found evidence of the existence of crude in Cuba's territorial waters, but in insufficient quantities to make drilling commercially viable, company sources told EFE Thursday.

"There are good signs that there are hydrocarbons there, but the exploratory well is not commercially viable," one Repsol executive said.

Repsol, the sources added, invested $50 million to drill a 3,300-meter (10,819-foot) exploratory well in the area known as Yamagua 1, which is one of six blocks the Cuban government awarded the Spanish oil firm in December 2000.

Drilling began on June 7 and concluded July 22.

In the next several months Repsol will study in detail the samples taken from the first drilling to "reinterpret data and wrap up our future strategy. …

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