viernes, febrero 10, 2012

#NASDAQ on Cuba's offshore oil drill

NASDAQ/ Pierre Bertrand
Cuba's fledgling oil industry has for the first time dropped an offshore rig into the waters off the Florida Keys, a move that has U.S. officials and environmentalists warning that the island nation's energy ambitions could come at the expense of the ecologically sensitive region at the tip of the Florida Peninsula.
"Cuba cannot be trusted to provide even the bare essentials to its own citizens and it certainly can't be trusted to oversee safe and environmentally sound oil drilling only 90 miles off our pristine Florida coast," said Florida Lt. Gov. Jennifer Carroll in testimony before the House Subcommittee on Coast Guard and Maritime Transportation.
Working with Spain's biggest oil company, Repsol, Cuba has placed an exploratory well 30 miles off Havana, 5,600 feet below the ocean surface. It's one of five wells planned in the region and is deeper than BP's Macondo well that spilled millions of barrels of oil in the Gulf of Mexico in 2010. The well sits 56 miles away from the Keys. By contrast, BP's well was 41 miles off the Lousiana coast. Cuban officials hope that the oil produced offshore will fill a 100,000-barrel-a-day supply gap currently covered by Venezuela.
Because of the well's location in the Florida Strait a spill or blowout, like the one that occurred in the Gulf, would be an environmental disaster of untold peril, said John Proni of Florida International University, a scientist with the Atlantic Oceanography and Meteorological Laboratory, a branch of the National Oceanographic and Atmospheric Administration.
Proni, who also testified before the maritime subcommittee, explained that the Cuban rig sits dangerously close to the Gulf Stream current system. Any leaked oil that gets into this whirlpool would reach U.S. coastal waters quickly and threaten the "iconic Florida coral reef system, important fisheries and breeding grounds, location of threatened and endangered sea grass and coral, and habitat for rare and endangered species," Proni said.
The drilling of the well is expected to take roughly two months.
The Bureau of Safety and Environmental Enforcement concluded last month that the Cuban rig met U.S. standards after American offshore oil drilling regulators boarded and reviewed the Spanish-operated equipment before it reached Cuban waters. However, because the rig was not bound for U.S. territory, nor contracted for exploration in the United States, the regulators had no authority to influence Repsol's plans. The U.S. has recently overhauled its offshore permitting processes and tightened regulations -- and it is likely that these rules will continue to evolve in the coming years. Since the U.S. and Cuba do not have diplomatic relations, it will be impossible to continue to monitor this offshore project even as the standards for operating rigs in coastal waters improve.

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