The acquisition will be complete after approval by the Cuban Government. The other partners for the Blocks are Repsol-YPF (40 percent) and Norsk Hydro of Norway (30 percent). Repsol-YPF is the operator.
The acquisition marks OVL's first foray into Cuba's Oil and Gas Industry.
The blocks are spread over nearly 12,000 sq. km in that country's Exclusive Economic Zone (EEZ). The hydrocarbon resource potential of the blocks is estimated to be more than 4 billion barrels.
It was an exploratory well drilled in one of these blocks that had indicated the presence hydrocarbons.
The Blocks are in the third exploration period.
The work program includes acquisition of 3-D seismic data on 3000 sq. km. and drilling of wells at the selected prospects.
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