Spanish oil firm says Canary Island exploration unsuccessful
Spanish energy company Repsol says it has ended oil and gas exploration off the Canary Islands after analysis showed there were insufficient finds to merit extraction
Repsol S.A. said Friday its surveys showed the presence of gas but not enough volume or quality to merit extraction.
It said oil and gas were present in the basin, located off northwestern Africa, but deposits were saturated with water and only present in thin, non-exploitable layers.
Repsol said no further exploratory activity would be carried out in the area
- The Associated Press
- Published on:
- January 16, 2015
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