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Monday, January 19, 2015
Environmental groups received some good news on January 16 when Repsol said it was exiting its oil and gas exploration program off the Canary Islands after its initial survey failed to yield promising results. Repsol’s Canary Islands exploration faced stiff opposition from local politicians and environmental groups.
The survey “confirmed that oil and gas have been generated in the basin,” Repsol said in a statement, but “the deposits found have been saturated with water, and the hydrocarbons present are in very thin, non-exploitable layers.”
Repsol had $350 million and its partners Woodside Petroleum and RWE Dea for their Canary Island exploration program; given that oil prices have plunged those budgeted funds can be put toward more worthwhile endeavors.
The project’s oil exploration vessel, the Rowan Renaissance, will return to Angola, where Repsolholds assets.
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