Spanish Cabinet Meeting Approves Repsol Oil Company to Explore Oil in the Canary Waters

On March 16th, the Spanish Cabinet of Ministers approved Repsol’s oil exploration in the Canary Islands, 61 kilometers from Lanzarote. According to an exploration report more than 10 years ago, if the oil fields in the sea area are put into production, daily oil production can reach 100,000 barrels, which can account for 10% of the current oil demand in the West. If it goes well, it is expected that oil can be extracted within 8 years. .

In 2001, the western government approved Repsol's exploration of oil reserves in the Canary area, but the Supreme Court of the West of 2004 ordered the suspension of the impact on the environment. Since then, the Western government has been temporarily impeded by the opposition of local governments and taking into account the relationship with neighboring Morocco. Shelved. But Repsol spent a total of more than 10 million euros in 2002 and 2004 to complete a preliminary inspection. The West Government stated that the decision on offshore oil exploration and exploitation is within the scope of the authority of the Central Government and the affected regional government; Repsol’s oil company also stated that in more than 30 countries where it operates, the company’s Strict environmental standards.