"Repsol's Move Raises Questions About Cuba Offshore Oil Drilling"
"Spain's Repsol oil company announced Tuesday it was 'almost certain' to withdraw from exploration in Cuba, after spending an estimated $150 million on a dry well and seeing far more profitable prospects in other countries such as Brazil and Angola."
"The announcement was a blow to Cuba's hopes to strike it rich quickly, jump-start its stagnant economy and trim its dependence on Venezuelan subsidies, although another foreign company is currently drilling a separate test well and others have options to follow.
'We won't do another well' in Cuba, Repsol Chairman Antonio Brufau said in presenting the company's 2012-16 business strategy at a news conference in Madrid on Tuesday. 'The well we drilled turned out dry and it's almost certain that we won't do any more activity there.'"Source: Miami Herald, 05/31/2012