Repsol reiterated its plans for exploration works in the Canary Islands in the second quarter of 2014 if it manages to obtain a regulatory clearance.
Exploration in the Canary Islands is in line with the expansion plans of Repsol in Europe, where it is also interested in Norway, Romania, Bulgaria and Portugal. The company received an approval by the Spanish government for a crude oil exploration project off the coast of Lanzarote and Fuerteventura, and intends to invest USD 350 million (EUR 257.4 million) during the first phase of the exploration in the region.