News Summary: 2nd Cuban offshore oil well a bust

AP News
|
Posted: Aug 06, 2012 3:59 PM
News Summary: 2nd Cuban offshore oil well a bust

THE DRILL: A second deep-water exploratory well in the Gulf of Mexico has proved a bust, Cuba's state oil company announced Monday, dealing another blow to the island's dreams of petroleum riches.

NOT WELL: it was disappointing news for a cash-strapped country hoping for an economic lifeline, after another well sunk by Spanish company Repsol came up dry in May.

STILL PUMPED UP: Exploratory wells commonly turn out to be dry or not viable, and experts say production was always at least three to five years out from any confirmed strike.