Cuban hopes for oil dashed as Repsol well proves dry

Oil   Oil
By Alan Clendenning on May 29, 2012

MADRID (AP) — Spanish oil firm Repsol said Tuesday it will stop looking for oil in Cuba after hitting a dry well drilled at a cost of more than $100 million, a blow to the island nation desperate to find its own energy sources amid deep economic hardship.

Speaking to investors and reporters about the firm's plans over the next four years, Repsol Chairman Antonio Brufau said the company "won't do another" well in Cuba.

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