Seeking Alpha

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.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|