By Todd White
June 24 (Bloomberg) — Repsol SA’s plans to explore for oil off the Spanish Canary Islands in a $10 billion project won backing from the nation’s Supreme Court.
The justices rejected seven appeals against Repsol’s exploration permits, and sentence will be published in coming days, according to a court official who spoke on condition their name not be used.
Today’s favorable ruling removes one of the last few hurdles remaining for the biggest Spanish biggest oil company to begin drilling off Fuerteventura and Lanzarote islands near West Africa. Should Repsol discover oil, it has estimated the project will cost 7.5 billion euros ($10.2 billion).
The appeals contested the Spanish government’s decision in 2012 to reapprove exploration permits that were originally given in 2001. They had been held up since that year in court battles and administrative delays.
Copyright 2014 Bloomberg.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,953 members that receive our newsletter.
Have a news tip? Let us know.
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
The Department of the Interior has announced a new rule aiming to ensure that costs related to the decommissioning of offshore platforms are covered by the oil and gas industry,...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,953 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
