Repsol step closer to drilling offshore Canary Islands
- Business & Finance
Spanish Supreme Court has cleared the way for Repsol to begin drilling offshore the Canary Islands.
In a statement on its website the Supreme Court of Spain said it has dismissed seven appeals against the Government’s decision to grant permission for exploration drilling in the Atlantic Ocean, off the Coast of the islands of Fuerteventura and Lanzarote in the Canary Islands.
The government had given its approval for exploration in the area back in 2012, but due to several appeals against the drilling in the area, on environmental grounds, drilling has been delayed pending courts decisions.
Repsol in May received a favorable notice from the country’s environment ministry, which said there were no indications that drilling in the area would harm the environment.
The licence was awarded to Repsol in 2002, together with its partners Woodside and RWE Dea.
According to the agreement signed twelve years ago, the work program for the area includes acquisition of about 3,000 km2 of 3D seismic in 2003 and drilling of two exploration wells subsequently.
The area covers a small Atlantic margin basin, which is prospective for gas as well as oil. The planned work program will be the first exploration activity ever in this basin.