News bites: Venezuela and Cuba team up on oil, Iran sanctions explained, and more

The Associated Press explains U.S. and European sanctions targeting Iran’s oil exports.

AP also reports that Venezuela’s state-owned oil company will join efforts to look for oil in deep waters off Cuba’s coast.

From its piece:

State-run Petroleos de Venezuela SA, or PDVSA, is next in line to drill after Malaysia’s Petronas completes its work, said Rafael Ramirez, Venezuela’s oil minister and president of the company. He said Venezuela has budgeted an estimated $40 million for the project.

Spanish oil company Repsol said last month that it would stop searching for oil off Cuba after hitting a dry well drilled at a cost of more than $100 million.

“Repsol unfortunately didn’t have success in its well,” Ramirez said, “but that same platform is being used among all the companies that are participating there.”

The New York Times looks at an energy boom gone bust in a portion of Colorado.

Bloomberg reports on Japanese efforts to boost renewable electricity.

And finally, turning to human energy, E2 recommends watching highlights of the thrilling, agonizing women's 5,000-meter race at the U.S. Olympic trials.