Repsol Includes Hydro and OVL in Cuban Exploration Project

Repsol YPF -- with a 40% stake in the project -- will be the operator, while the other companies will each have 30% stakes. For its part, CUPET (Cubana de Petroleos) will maintain its rights as a State company.

With this agreement, Repsol YPF, which until now was the holder of 100% of the exploration rights in the mentioned blocks, will transfer 60% of its previous stake to Hydro and OVL in the project.

As part of the project's exploratory program, 3,000 km2 of 3D seismic is currently being realized -- which will be completed in the short term -- as well as diverse geological studies that will serve as a base to evaluate future exploratory actions.