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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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