Cuba's second attempt at finding oil goes bust

Island's dreams of petroleum riches suffers another setback

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HAVANA, Cuba - Cuba says that a second exploratory offshore oil well has proved unviable, dealing another setback to the island's dreams of petroleum riches.

A statement published Monday in Communist Party newspaper Granma says the drilling operation carried out by Malaysia's PC Gulf and Russia's Gazpromneft concluded July 31.

Analysis of the findings reveals an "active petroleum system" but one that is incapable of providing significant quantities of oil and gas.

Monday's statement from government-owned oil company Cubapetroleo says it "cannot be qualified as a commercial discovery."

It is the second well this year to come up dry.

The Scarabeo-9 rig that carried out both explorations now passes to Venezuelan state oil company PDVSA for another attempt.

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