Cuba Petroleo Releases Most Recent Oil Exploration Results in Gulf of Mexico

Cubapetroleo oil company issued a press release explaining that exploration activity in a well located in the Cuban exclusive economic zone in the Gulf of Mexico resulted in the identification of an active oil reserve but with no capacity to be considered a commercial finding.

The press release says that drilling activity by the PC Gulf and GAZPROMNEFT Oil companies concluded drilling activity last July 31 at the Marina Catoche 1x oil well, at a 4 666-meter depth by using the Scarabeo-9 rig.

Geological interpretation of the geophysical records of the well revealed the existence of an active oil system, which could expand to other zones in the four blocks under drilling contract by PC Gulf and GAZPROMNEFT,  and even beyond their limits. However, the press releases explains that at that point the rocks are very compact and have no capacity to deliver significant amounts of oil and gas, therefore it cannot be described as a commercial finding.

The two companies continue to consider the geological and geophysical information collected during the drilling of the well and over the next months they will carry out a 3D seismic evaluation covering those sectors with the best prospects, already identified in a 2D seismic study undertaken in 2009. The action will allow for a more accurate identification of the potential of the blocks under contract, the press release points out.

The Scarabeo-9 rig will now be transferred to Venezuela’s PDVSA Oil company to kick off the drilling of a well named Cabo de San Antonio 1, also in deep waters of the Cuban Economic Zone in the Gulf of Mexico, the release concluded.

Taken from AIN