Want to drill in Cuban waters ?

Posted: 10/01/2011 in all marine news

gCaptain –

More than 30 House lawmakers are urging Spanish energy company Repsol YPF S.A. (REP.MC) to abandon its plan to drill for oil in Cuban waters, saying such a move will bolster the financial strength of the Castro regime and could expose Repsol to criminal and civil liabilities in U.S. courts.

In a letter sent to Repsol’s chairman this week, the lawmakers say they “urge Repsol to reassess the risks inherent in partnering with the Castro dictatorship, including the risk to its commercial interests with the United States.”

Repsol spokesman Kristian Rix said the company “is abiding by U.S. embargo legislation, and our drilling plans are in accordance with” safety standards put in place after the Deepwater Horizon oil spill.

Opposition to Repsol’s drilling plans ramped up in recent weeks, as the Spanish company prepares to begin drilling off Cuba’s north coast by the end of the year. A Chinese-built drilling rig that Repsol will use for the project is currently en route from Singapore to Cuba. The rig is expected to arrive in Cuban waters in November or December.

Repsol’s exploratory drilling marks an important step in Cuba’s effort to develop its offshore oil resources, in part to wean itself off imports from Venezuela. U.S. officials believe Cuba’s waters could contain more than 5 billion barrels of undiscovered oil.

Full story…

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