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.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs