Repsol YPF SA News

Spanish oil firm Repsol said Tuesday it will stop looking for oil in Cuba after hitting a dry well drilled at a cost of more than $100 million, a blow to the island nation desperate to find its own energy sources amid deep economic hardship.

Repsol's payout ratio of about 64 percent of profit was the highest among the 23 members of the Bloomberg Industries Integrated Oil Producers Index.

Repsol is to sell assets, cut its dividend and reduce investment in less profitable areas, the Spanish oil group said, laying out a growth plan after its majority stake in YPF was taken over by Argentina.

Without the revenue from Argentina, Repsol's upstream division needs crude prices to average $120 a barrel to pay for the wells it plans to bring into production.

But the first attempt in nearly a decade to find Cuba's hoped-for undersea oil bonanza has come up dry, and the island's leaders and their partners must regroup and hope they have better luck - quickly.

A spectacular human chain of more than 1,000 people assembled on the El Reducto beach in Arrecifre, Las Palmas on Saturday evening.

The European Union on Friday is expected to file a complaint at the World Trade Organization challenging Argentina's import regulations, part of a plan to pressure President Cristina Kirchner on a range of policies that are angering the world's largest economies.

Repsol YPF SA said Thursday that some of the areas it is exploring off the coast of Brazil contain more than more than a billion barrels of oil and gas, a development that highlights the potential of the operations there to drive Repsol's growth.

Spanish oil giant Repsol YPF recently announced that its exploratory drilling efforts in "ultra-deep" waters off the coast of Cuba were unsuccessful.

Spanish Foreign minister Jos Manuel Garca-Margallo adopted a conciliatory tone towards Argentina today for the first time after YPF's seizure by saying Argentina and Spain should hold "brotherly nations" talks.

Are the roof of the capital and also in Spain. The four have more than 200 meters high and have made small buildings such as the KIO towers at Plaza Castilla.

Swedish independent oil company Alliance Oil Co. Ltd. is looking to extend its cooperation with Spanish oil company Repsol YPF on projects in Russia, according to its Chief Executive Arsen Idrisov.

Credit Suisse AG has informed Argentine conglomerate Grupo Petersen that it must pay back loans used to buy a stake in oil company YPF SA after it missed a $400 million payment.

In this photo taken on Jan. 12, 2012, a man waves from his classic car as he drives by oscillating oil pumps operated by the state oil company Cuba Petroleos, Cupet, in Santa Cruz del Norte, Cuba.

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An exploratory oil well drilled off the coast of Cuba has proved a failure and will be capped and abandoned, a spokesman for Spanish company Repsol said Friday.

Repsol, a multinational based in Spain, has brought a class action lawsuit in New York courts against the Argentine government for the re-nationalization of YPF, the former Argentine state oil company.

However, the fiscal regime needs work if Argentina is to secure adequate long-term investment and harness the country's apparent potential.

YPF SA , Argentina's largest oil producer, is asking creditors to issue waivers on part of its $1.6 billion debt after the government's takeover and said it risks being delisted from the New York Stock Exchange.

Hedge fund Eton Park Capital Management LP raised its stake in YPF SA while billionaire George Soros sold in the first quarter before Argentina took control of the oil producer, causing the stock to plummet.