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Repsol starts search for oil in Spain's Canary Islands

Spanish energy firm Repsol began searching for oil in the waters off the Canary Islands, a top holiday destination, despite objections from environmentalists and the local governmentSpanish energy firm Repsol began searching for oil Tuesday in the waters off the Canary Islands, a top holiday destination, despite objections from environmentalists and the local government. Oil exploration vessel Rowan Renaissance started drilling at dawn some 50 kilometres (30 miles) from the islands of Lanzarote and Fuerteventura, off the west coast of Africa, a Repsol spokesman said. Spain’s Industry Ministry in August authorised Repsol to search for oil in the region at three locations at depths ranging from three to seven kilometres. The company estimates its chances of finding oil in the region are of 17-19 percent and plans to invest 350 million euros ($438 million) in the oil exploration.

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