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Industry experts have said Repsol YPF SA was under contract to drill a second Cuban well but could get out of the deal by paying a penalty to an Italian company that owns the drilling platform used for Repsol's well. Brufau didn't mention the penalty, and Repsol didn't immediately respond to a request for comment on the issue. The Scarabeo-9 was built in Asia with less than 10 percent U.S.-made parts to avoid violating Washington's embargo. Because of the embargo, Cuba is shut off from borrowing from international lending institutions. An oil find could change the situation, with Cuba using future oil riches as collateral to secure new financing, economists say.
[Associated
Press;
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