Repsol wins approval for $10B Canary Islands project


Spain's Environment Ministry clears the way for Repsol's (REPYY, REPYF) proposed $10B exploration for oil and gas off the coast of the Canary Islands.

The favorable environmental impact statement, which includes conditions for limiting the impact of light and noise pollution, is one of the final steps needed before exploration can begin.

Spain imports 99% of the oil and natural gas it uses, and officials hope the Canary Islands project can supply ~10% of national demand.

Though the Industry Ministry likely will give final approval for the exploration permit, courts may intervene; Spain's Supreme Court is set to rule June 10 on a challenge to Repsol's exploration permit.

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