Venezuelan Oil Company to Start Drilling off Cuba

Venezuelan oil company, Petróleos de Venezuela SA (PDVSA) is due to start exploratory drilling for crude in deep waters off Cuba, the company’s president announced on Thursday.

PDVSA is expected to start drilling after Malaysia’s Petronas completes its work by the end of July, said Rafael Ramirez, Venezuela’s oil minister and president of the company. He said Venezuela has budgeted an estimated $40 million for the project.

PDVSA was granted an option to drill next after Petronas, as the huge Scarabeo-9 platform is rotated among the companies. The platform was built in Asia with less than 10 percent U.S.-made parts, and had to be brought from across the world to Cuba, to avoid sanctions under the U.S. economic blockade against Cuba. (Taken from RHC)