oil exploration

Cuba's Deepwater Oil Could Be a Game Changer

The delivery of a Chinese-built, Spanish-backed offshore oil rig to Cuban waters has been delayed until summer. But when drilling does begin 90 miles off the Florida coast, it could mean a host of problems -- and opportunities -- on the energy and the political fronts.

Mexico Delays Drilling Country's Deepest Oil Well

Mexico%u2019s state-owned oil company will delay drilling its deepest-ever well in the Gulf of Mexico while it tests new equipment. Petroleos Mexicanos, known as Pemex, will try out a new exploratory deepwater rig on a prospect that%u2019s 700 meters (2,300 feet) deep, Bloomberg News reported. Once the company is satisfied, the rig will be used to drill the 2,600 meter deep Maximino well by April. That%u2019s five months later than originally scheduled.