From Reuters today as earlier reported here at Babalu:
Russian state-owned oil company Zarubezhneft said this week it was giving up for now on a problem-plagued exploration well off Cuba’s north-central coast, which brings to an end the communist-led island’s only active project in its search for offshore oil fields….In the last year, Spain’s Repsol SA, Malaysia’s Petronas and Venezuela’s PDVSA sank wells in waters more than a mile deep off Cuba’s northern and western coasts. They all came up dry, and encountered a thick layer of dense rock difficult to drill through.
From Oil Exploration “Expert” Jorge Pinon two years ago:
“Cuban deepwater exploration projects that will begin this year have a high probability of success and may increase the island nation’s oil output by more than 500 percent(!!!), said Jorge Pinon, energy fellow at the University of Miami Center for Hemispheric Policy.
“The probability of success in finding hydrocarbons is great (!!!),” said Pinon, a former head of BP Plc’s operations in Latin America who recently visited Cuba.
“The fact that five years after the 2004 non-successful exploration, Repsol and Statoil continue there is telling us there must be something there (!!!)” Pinon said.
His chums at The Cuba Study Group describes Jorge Pinon thusly:
He is recognized as an expert on Cuba’s energy sector, as well as on the island’s future economic transition challenges and opportunities. He is an advisor and a member of the Cuba task forces at The Brookings Institution and The Council of the Americas, and a member of the board of directors of the Association for the Study of the Cuban Economy -ASCE-.
Mr. Piñon retired from BP in 2003 and is currently an international energy consultant, With international experience in emerging markets and a network of senior energy contacts in Latin America, he is an independent analyst of regional and global energy issues, as well as the politics of oil and natural gas in Latin America.
Here at Babalu we wonder: Does Pinon contract out his (probably expensive) “expertise” as a lobbyist (to end Cuba sanctions?) Or as an actual expert on Oil exploration and deposits?…either way somebody’s getting seriously ROOKED!