Repsol gets green light to explore offshore Canary Islands

Repsol SA has gotten authorization from the Spanish government to explore for hydrocarbons off the Canary Islands.

Offshore staff

Repsol SA has gotten authorization from the Spanish government to explore for hydrocarbons off the Canary Islands, launching a 12-year quest by the energy company for permission to search for what may be the nation’s biggest oil find, Bloomberg reported.

The approved project, by the Industry Ministry, was published in a resolution dated Aug. 11 in the Official Bulletin. Repsol expects to begin work by year-end.

If geologists are correct in their estimate that the area between the Canaries and Morocco may hold enough hydrocarbons to supply about 10% of national demand at full production levels, Bloomberg stated, then Respol estimates it will spend as much as $10 billion to develop the site.

08/13/2014

More in Company News