BBC:
Cuba's communist government is relying on potentially huge oil and gas reserves to revive the economy.
Repsol's unsuccessful attempt, some 50km (31 miles) off the island, cost the company more than $100m (£64m).
The decision to stop operations in Cuba was announced at the firm's headquarters in Madrid at a briefing on Repsol's investment plans for the next four years.
"At this point we don't think it is worth continuing to drill, at least not in our blocs," said Repsol spokesman Kristian Rix.
He told the BBC that the decision to cease operations in Cuba was purely technical.
"Offshore drilling is very expensive and there is quite a risk involved. Four out of five attempts came out dry."
Offshore drilling is very expensive. We have decided it wasn't worth continuing” Kristian Rix Repsol spokesman
Mr Rix said Repsol failed in a previous attempt to find oil off Cuba in 2004.
"Now we hit another dry well and we have decided it wasn't worth continuing. We are very unlikely to do another well there."
Malaysian oil company Petronas is now expected to take over from Repsol in trying to find oil in Cuban waters.
Venezuelan imports
The island produces only half of the oil it needs, and relies on subsidised imports from President Hugo Chavez's government in Venezuela for its energy needs.
Cuba imports more than 100,000 barrels a day at favoured rates, paid for with the services of thousands of doctors and health workers working in Venezuela.
And I thought the government of Chavez was so good to people. So it imports slave labor huh?
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