Repsol Includes Hydro and OVL in Cuban Exploration Project

Repsol YPF, Hydro (Norway), OVL (India) and CUPET (Cuba) have signed an International Economic Association Contract in Havana for the exploration of six offshore blocks that are in the Exclusive Economic Zone of Cuba.

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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