Drilling & production - 30 May 2012

Spanish company Repsol has announced that it is to abandon operations offshore Cuba after a test well came up dry.

Xstrata Coal has resumed operations at its Blakefield South mine, and expects to return to full production by mid-July.

Russian oil company Bashneft posted increased profits for Q1 of this year, citing higher output and improved sales.

A group led by Kuwait Energy has won Block 9 in Iraq’s latest oil and gas bidding round. Tougher contracts could be scaring off investors.

The price of Brent crude has fallen again, risking its biggest monthly drop in two years. Disappointing news from China and fears about the Spanish banking system has, at least temporarily, eroded gains made as a result of the Iranian nuclear question.

Statoil has revealed that a gas leak occurred at the company’s Norwegian North Sea Heimdal platform.

Spanish company Repsol has revealed major plans designed to increase growth through extensive use of the company’s upstream wing over the next four years.