Repsol cleared by Spain's high court to drill off Canary Islands

|About: Repsol S.A. ADR (REPYY)|By:, SA News Editor

Repsol’s (REPYY, REPYF) plan to explore for oil off the Canary Islands in a $10B project reportedly has won the backing of the country's Supreme Court, which rejected seven appeals against Repsol’s exploration permits.

A favorable ruling would remove one of the last few hurdles remaining for Spain's biggest oil company to begin drilling off Fuerteventura and Lanzarote islands near West Africa; should Repsol discover oil, it has estimated the project would cost €7.5B ($10.2B).