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.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Import cargo volume at major U.S. container ports is forecast to hit its slowest monthly levels of the year in November and December as retailers complete their holiday stockpiling amid...
After a flurry of activity over the past three months Russia’s LNG ‘dark fleet’ is struggling to keep its momentum with winter approaching. LNG carriers made 13 deliveries to China’s Beihai terminal since the end of August, shipments now appear to slow down.
The Trump administration has suspended a probe into China’s shipbuilding industry, prompting Beijing to reciprocate by shelving its own investigation and putting off special port fees for US vessels.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
