Repsol makes deal to explore Cuban part of Gulf of Mexico.HAVANA Havana (həvăn`ə), Span. La Habana (lä ävä`nä), city (1997 est. pop. 2,200,000), capital of both Cuba and of Ciudad de la Habana prov. -- Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. oil company Repsol-YPF reportedly has signed a contract to explore six offshore blocks in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico
Golfo de Mexico
Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east for oil and natural gas.
Under the terms of the deal, Repsol will begin exploration work by the end of this year and plans to drill its first exploration well sometime in 2002.
The blocks are among the 56 areas the government put up for grabs in a bid to boost offshore exploration. The government made an exception to rules limiting a single company to four exploration blocks, in part because interest in the areas has been limited.
While some offshore areas close to the Cuban coast have been explored, Repsol was the first foreign company to take up the invitation to explore in the deeper waters of the Gulf of Mexico. Most exploration in Cuba has been along the north central coast near the tourist resort of Varadero, where Cuba's largest oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world. are located. The Gulf of Mexico blocks were offered to foreign companies in March 2000.
Officials at state oil company Cupet say at least four other international oil companies are interested in exploring some of the area.
The terms of the Repsol deal have not been released, though Cuba typically does not require signing bonus A signing bonus or sign-on bonus is a sum of money paid to a new employee by a company as an incentive to join that company. These are often given as a way of making a compensation package more attractive to the employee e.g. if the annual salary is lower than they desire. . Companies are permitted to pay taxes and other fees in crude oil or natural gas.