Oil: very slow going

In January I noted a report that Cuba is renegotiating its oil exploration contract with Repsol, the only company that has explored in deep offshore areas (2004), found oil, and stated an intention to go back and drill again.

Today a reader passed me an article from the energy specialist Argus Media that reports that the negotiations with the Spanish company are still not yet concluded. Excerpt:

The negotiations are intended to “create a state of equilibrium to benefit both parties,” the [Cupet] official said, and were needed because the original agreement “had run its course.”

Cuba was not included in Repsol’s $12.5bn exploration and production plan for the next five years, presented on 29 April by president Antonio Brufau. The Cupet official said the continuing negotiations were the reason Repsol did not mention Cuba.

The article, dated today, is not available on-line.