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2014-07-16 18:50:00

MADRID APPROVES CANARIES

MADRID APPROVES CANARIES

Madrid is poised to grant final approval to a controversial €7.5bn oil exploration project off the Canary Islands, ending a decade-long political battle that has pitted Spain's desire for greater energy independence against local campaigners and the country's powerful tourism industry.

Repsol , the Spanish energy group that leads the drilling consortium, believes the offshore fields could contain as many as 2.2bn barrels of oil equivalent. It will now receive permission to sink two exploratory wells into an area some 60km to the East of Fuerteventura. If the group's estimates are confirmed, the fields could ultimately allow the production of 110,000 barrels a day – enough…

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Tags: REPSOL, OIL, DRILLING, SPAIN, CANARY, ISLAND, OFFSHORE, FIELD,
Chronicle:
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