Zarubezhneft has lost 100 mln euro at the shelf of Cuba on the result of unsuccessful drilling

​The unsuccessful drilling of the wells at the L block at the shelf of Cuba cost 100 mln euro to Zarubezhneft, deputy CEO for geology and development, I. Afanasiev, said.

In 2011 the company held a detailed 3D seismic exploration. The most perspective sites in the Jurassic layers were found out – they were proven to be a part of sediments appearing on the surface where large proven oil reserves had already been discovered. All possible types of analysis of seismic explorations were held – exact anomalies which mean the presence of hydrocarbons were discovered. The site was perspective by the volume of resources, he said.

The drilling started at the well, but later the works were shut down due to the geological reasons.

Other companies faced similar problems that tried to drill at the shelf of Cuba. Another 3 wells were drilled in the same area at the same time – the result was the same: the termination of works due to geological reasons at the Cretaceous sediments, Mr. Afanasiev said.

Zarubezhneft started to drill the first well at the shelf of Cuba in December 2012. The drilling of the 6-km long well was planned to be over in June 2013. Zarubezhneft stated a high probability of discovery of a new hydrocarbons deposit within the borders of the L block.