Repsol-YPF outlines Canary Islands exploration program

April 5, 2002
Repsol-YPF SA said it has presented to the Fuerteventura local authorities plans for oil and gas exploration in the Atlantic Ocean off the Canary Islands. Early last year, Repsol-YPF was seeking government permission to explore for oil on nine blocks comprising 6,160 sq km in the waters surrounding the islands (OGJ, Mar. 12, 2001, p. 39).

By the OGJ editors
HOUSTON, Mar. 28 -- Repsol-YPF SA said it has presented to the Fuerteventura local authorities plans for oil and gas exploration in the Atlantic Ocean off the Canary Islands. Early last year, Repsol-YPF was seeking government permission to explore for oil on nine blocks comprising 6,160 sq km in the waters surrounding the islands (OGJ, Mar. 12, 2001, p. 39).

In January, Repsol-YPF received the required government permits to explore an area 32-80 km off the Canary Islands coast, just west of Lanzarote and Fuerteventura islands.

"Activity in this area is classified as 'high-risk exploration,' meaning that there is no proof of the existence of hydrocarbons," Repsol-YPF stated, although surveys carried out during 1978-83 by former Spanish state-owned firms Eniepsa and Hispanoil "gave grounds for positive expectations."

Repsol-YPF said it is currently acquiring and processing 3,000 sq km of 3D seismic and will continue doing so through 2003, aiming to start drilling wells in 2004.
Repsol-YPF also plans to initiate an environmental impact assessment of the area.