International oil companies have been searching for crude off the coast of Cuba for the past few years, but all came up short. In hindsight, did the drilling program make sense?
• A version of this post ran on the author's blog. The views expressed are the author's own.
International oil companies have been searching for crude off the coast of Cuba for the past few years, including three separate efforts to drill for oil. It was a challenge, as most oil drilling rigs are prohibited from working in Cuba under the US embargo. But the companies found a rig and got to work.
Now, After 3 dry holes, the rig is asail for Africa. Repsol [Spain], Petronas [Malaysia], and PDVSA [Venezuela] all came up short. Petrobras [Brazil] abandoned its work on the island a couple years ago. Now one might ask, in hindsight, did this drilling program make sense?