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Repsol has decided to abandon its oil exploration project in Cuba after obtaining negative results in the drilling of Jagüey. Despite starting the session with gains, its shares have lost 1%, in line with the Ibex 35.

Savings Corporation Analysts believe that these are good news because the operations on the island posed a risk too high for the Spanish company given its proximity to the U.S. and the threats.

Operators of oil headed by Antonio Brufau are proceeding to close the well, one of the projects under the strategy of diversification from the 'upstream' (exploration and production company).

Repsol is the operator of a consortium which includes Cuba, as well as Spanish oil company with 40%, Norway's Statoil and India's OVL, both with 30%.

The Spanish company Repsol aims unsuccessful in the first oil drilling that has been done in Cuba with the platform Scarabeo 9 in a statement released by the firm that has not been confirmed yet by the Cuban government. With these results Repsol has announced that they will not continue drilling in Cuban waters.

Source: The

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