Cuban offshore oil drilling plans postponed again

Reuters ^ | July 9, 2009 | Jeff Franks and Marguerita Choy

[NRG1973]

Cuba and a consortium of foreign oil companies have once again postponed plans to drill for oil in the island's still-untapped fields in the Gulf of Mexico, diplomatic and industry sources said this week.

Cuba had announced the consortium, led by Spain's Repsol-YPF (REP.MC: Quote, Profile, Research), would drill in June or July, but now it is uncertain when work will begin in the waters that Cuban oil experts say may contain 20 billion barrels of oil.

"The project has been postponed until a further date for more study," said a foreign oil industry source with direct knowledge of the plans.

"It is premature to say when drilling might begin, later this year or next," he added.

A European diplomat said he had first-hand knowledge that drilling was postponed at least until the end of 2009, if not into 2010.

[NRG1973]

Its funny what a recession can do to inveastments in oil production.

[NurdlyPeon]

I wonder if this consortium is worried about their investment being nationalized in the future? I’m sure they are keeping an eye on current events down there.

[harpu]

"...worried about their investment being nationalized in the future?"

Especially if ChavezCo is one of the investors!

[Recon Dad]

Probably just waiting for Castro to take a dirt nap knowing it will be easier when he's gone to do business.