Repsol Expected to Receive Clearance to Drill Offshore Canary Islands

Repsol YPF SA is expected to receive government clearance to explore the waters surrounding the Canary Islands for hydrocarbons by the end of this week. Repsol YPF applied for permission to explore the waters nearly a year ago after discovering traces of oil off the Canary Islands, but government clearance was delayed until it determined whether the territory belonged to Spain.

The government is now ready to grant Repsol YPF nine licenses to explore for oil in waters north of the islands, although Morocco is claiming control over two of those areas.