Another Oil Company Relinquishes Cuba Block

Sunday, March 23, 2014
It's always interesting how -- sooner or later -- successful companies always reconsider their ties to the Castro regime.

Yet, unfortunately, they hand over millions in the process.

From Malaysia's The Star:

Petronas exceeds targets, production grows at 5.8%

Petroliam Nasional Bhd’s (Petronas) production of oil and gas last year grew an unprecedented 5.8%, double its target of 3% per annum and beating some of the world’s biggest names in the industry.

Despite lower currency exchange rates, naturally reducing domestic reserves and geopolitical tensions in the Middle East and South Sudan, the group’s total production edged up 5.8% to 2.21 million barrels of oil equivalent per day (boepd) from 2.08 million boepd the year before.

Total group resources stood at 32.8 billion boe, versus 32.6 billion boe in 2012. This means its international resources fell slightly to 10.2 billion boe against 10.4 billion boe, which Petronas attributed to its relinquishing of blocks in Venezuela, Uzbekistan, Oman and Cuba.

In a bid to “high-grade” its assets, the oil giant exited four countries, namely Venezuela, Cuba, Oman and Sierra Leone, and ventured into new areas such as Suriname.