Oil exploration suspended
Jun 03, 2013
HAVANA, Cuba, CMC – A Russian state oil company drilling off Cuba’s northern shores says it is temporarily halting its exploration. Zarubezhneft said it was halting work because of “geological” problems but will resume oil exploration next year. The announcement signaled an end to the only active exploration program in Cuba which now relies on highly subsidized oil from Venezuela. Cuba reportedly relies on an estimated 96,000 barrels of oil it receives daily from Venezuela which amounts to about two thirds of its consumption.
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