Strike Three for Castro's Offshore Drilling

Friday, November 2, 2012
Remember the sense of urgency by some in the media and lobbyists to normalize relations with the Castro regime, as it was on the brink of a major offshore oil discovery?

Remember all of the "experts", scholars, the Environmental Defense Fund (which opposed drilling everywhere except Cuba), and even the President's BP Oil Spill Commissioners.

A year later -- Spain's Repsol struck out, then Malaysia's Petronas struck out and now Venezuela's PDVSA has struck out. 

As we argued from Day One, it was all a ploy to scare U.S. policymakers and seduce oil companies into lobbying for the unilateral lifting sanctions.

Fortunately, they didn't fall for it.

From Reuters this morning:

Cuba's offshore oil hopes suffered a major blow on Friday with the announcement of another dry hole in its still untapped fields and word that the drilling rig used in the project will soon depart the communist island.

Communist Party newspaper Granma reported that a well drilled off western Cuba by Venezuelan state oil company PDVSA had been plugged because it "did not offer possibilities of commercial exploitation."

It was the third unsuccessful well drilled this year in Cuban waters, where the country says it may have 20 billion barrels of oil and the key to future energy independence.