PDVSA's Smokescreen of Cuba Drilling

Both recent (and much-hyped) attempts by the Castro regime to find offshore oil -- the first in partnership with Spain's Repsol and the second with Malaysia's Petronas -- have been a bust.

Now, there will be a third and final attempt -- with Venezuela's PDVSA -- before the infamous Scarabeo 9 rig heads off to Brazil.

However,it's clear that this is a political smokescreen by Chavez and Castro, for PDVSA has no deep-water expertise, nor frankly the resources, to succeed in Cuba offshore drilling.

This is simply to continue hyping the specter of Cuba's energy "potential", as it's dependency on Chavez is unsustainable and it wants other foreign companies to invest in the regime.

Here's a must-listen interview with Pedro Burelli, former Executive Board Member of PDVSA, on Sirius-XM's "From Washington al Mundo" on this very issue.

Click here to listen.