Much to the relief and delight of the Canary Islands administration, Repsol has announced that it is terminating its oil and gas exploration in Canary Island waters, as reserves were found to be too small and of poor quality.
Analysis of samples reportedly showed the existence of various gases but only in thin, non-exploitable layers saturated by water. The company has therefore decided to stop further exploration in the area and a 2,211-metre-deep hole drilled into the seabed will now have to be sealed.
Repsol had originally planned to carry out exploration in two other sites in the area, but these plans have now been abandoned.