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Venezualan state oil company PDVSA failed to strike oil offshore Cuba, marking the third dry exploratory well this year offshore the country’s deep waters in the Gulf of Mexico (GoM), according to Bloomberg.
The two other wells were drilled by Repsol and a subsidiary of Petronas and Gazpromneft. Sonangol is set to drill next offshore Cuba.
Geologic surveys show there is an estimated 5 Bbbls to 8 Bbbls of crude may lie in below the GoM’s deep waters, the news outlet reported. Cubans are hoping finds could boost the country’s economy.