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.
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